The International Monetary Fund (IMF) has warned of an emerging "guns versus butter" trade-off, where governments face tough decisions on debt and public spending. The IMF noted that approximately half of the world's countries have increased their military budgets and that arms sales by the biggest global defense firms have doubled in real terms over the last two decades. This raises questions about whether higher defense spending could crowd out other outlays such as social spending. French Finance Minister Roland ‌Lescure acknowledged the risk of backlash ahead of the country's 2027 presidential election, but argued that higher spending can create a "double dividend" by shoring up sovereignty and creating more domestic jobs. The World Bank's president, Ajay Banga, noted that while defense spending has become a priority for many countries, funding for overseas development has decreased across the developed world.