| 23 February 2024, Friday |

Global military spending passes $2T for first time: Survey

While Russia saw a spending jump on its military in 2021 ahead of its invasion of Ukraine, US and China spent the most , accounting for 52% of the total global defense expenditure, according to a new SIPRI report.
Total military spending rose 0.7% from the previous year and reached $2.113 trillion, the Stockholm International Peace Research Institute (SIPRI) said.

It said the global military burden, or world military expenditure as a share of world gross domestic product (GDP), fell by 0.1 percentage point from 2.3% in 2020 to 2.2% in 2021.

The five largest spenders in 2021 were the US, China, India, the UK and Russia, together accounting for 62% of expenditure, according to SIPRI.

Alexandra Marksteiner, a researcher with SIPRI’s Military Expenditure and Arms Production Program, pointed out that the US is focusing more on next-generation technologies,

“The US government has repeatedly stressed the need to preserve the US military’s technological edge over strategic competitors,” she noted.

Russia meanwhile increased its military expenditure by 2.9% in 2021 to $65.9 billion, at a time when it was building up its forces along the Ukrainian border, it said, adding this was the third consecutive year of growth and Russia’s military spending reached 4.1% of GDP in 2021.

“Russian military expenditure had been in decline between 2016 and 2019 as a result of low energy prices combined with sanctions in response to Russia’s annexation of Crimea in 2014,” said Lucie Beraud-Sudreau, director of SIPRI’s Military Expenditure and Arms Production Program.

Ukraine’s military spending has also risen by 72% since the annexation of Crimea in 2014, as the country has strengthened its defenses against Russia.

  • Anadolu Agency