What are the latest economic developments and growth prospects in South Asia? What opportunities does a stabilizing global economy create for the region? What challenges remain as countries still feel the impacts of major global and regional shocks? How can South Asia ensure more equitable growth? The latest edition of the World Bank’s South Asia Economic Focus explores the current economic landscape and provides growth projections for the region, with a focus on inequality of opportunity and intergenerational mobility in South Asia. Join experts from the region for a live discussion on how South Asian economies can expand opportunities and unlock progress.
What are the latest economic developments and growth prospects in South Asia? What opportunities does a stabilizing global economy create for the region? What challenges remain as countries still feel the impacts of major global and regional shocks? How can South Asia ensure more equitable growth? The latest edition of the World Bank’s South Asia Economic Focus explores the current economic landscape and provides growth projections for the region, with a focus on inequality of opportunity and intergenerational mobility in South Asia. Join experts from the region for a live discussion on how South Asian economies can expand opportunities and unlock progress.
According to the latest Military Balance report, global defense spending for 2020 stood at $1.83 trillion, an increase of 3.9 percent in real terms. The annual publication produced by the London-based International Institute of Strategic Studies (IISS) noted that this was only “slightly lower” compared to 2019. Global military expenditures as a percentage of GDP went up from an average of 1.85 percent in 2019 to 2.08 percent in 2020. The Military Balance report further noted that global economic output had been severely impacted by the pandemic, seeing a contraction of 4.4 percent. Despite the economic downturn, military spending has been maintained almost at the same level of the previous year. This at least partly illustrates the growing security competition that is clearly feeding growing military spending. It is unlikely that this trend will reverse in the near term because there is no guarantee that the security environment in the Indo-Pacific will ease up anytime soon.
In 2020, the world spent $1.83 trillion on defense, which marked an increase of 3.9 percent in real terms, the latest Military Balance report said. The amount that governments of the world spent on defense in 2020 was only slightly lower compared to 2019, The Diplomat reports.
The Military Balance report also said that economic output in the world contracted by 4.4 percent due to the pandemic. At the same time, military expenditures as per percentage of GDP increased from 1.85 percent in 2019 to 2.08 percent in 2020, the publication said.
In a nutshell, global economy has declined during the pandemic year, but military spending has remained on the level, which was nearly the same as in the previous year.
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