Global military spending reached a new high in 2022, with Europe seeing its sharpest increase in 30 years. India emerged as the 4th largest military spender, but still lags behind the US and China. Read on for analysis on rising military expenditure, its implications for the security environment, and trends in military spending by region and country.
Global military expenditure has surpassed $2 trillion per year for the first time, and looks set to rise further as European countries beef up their armed forces in response to Russia’s invasion of Ukraine.
India spent $76.6 billion in military spending in 2021, which was the third-highest in the world, following the US’ $801 billion and China’s $293 billion, according to a report by Stockholm International Peace Research Institute (SIPRI).
Monday, 26 Apr 2021 04:47 PM MYT
Turkish military tanks drive past the town of Ariha on the M4 highway in Syria’s rebel-held north-western Idlib province May 7, 2020. AFP pic
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STOCKHOLM, April 26 Global military expenditure rose by 2.6 per cent to US$1.98 trillion (RM8.1 trillion) last year even as some defence funds were reallocated to fight the Covid-19 pandemic, the Stockholm International Peace Research Institute said in a report issued today.
The five biggest spenders in 2020, which together accounted for 62 per cent of military spending worldwide, were the United States, China, India, Russia and Britain in that order.