Global military spending will reach an all-time high of US$2.1 trillion in 2021, the Stockholm International Peace Research Institute (SIPRI) said on Monday, adding that the top three biggest spenders were the US, China and India.
“In 2021 the total expenditure of world navies multiplied by 0.7 percent, achieving USD 2113 billion. The 5 biggest spenders in 2021 are the US, China, India, the UK and Russia, together accounting for 62 percent of spending,” the Stockholm-based statement said.
“Even amid the monetary fallout of the Covid-19 pandemic, world military spending hit report levels,” said Dr Diego Lopes da Silva, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme. “There was a slowdown in the price of real-terms boom due to inflation. In nominal terms, however, army spending grew by means of 6.1 per cent.”
As an end result of the economic recovery from the COVID-19 pandemic, defense spending is 2.2 percent of international GDP, while this projection has reached 2.3 percent in 2020.
US military spending will reach $801 billion in 2021, down 1.4 percent from 2020, the announcement said. During the period from 2012 to 2021, the US military increased funding for research and development by 24 percent and cut spending on arms procurement by 6.4 percent, the statement said.
The second region went to China, which spent USD 293 billion on defense, an increase of 4.7 percent over 2020. India’s naval expenditure was ranked 0.33 with USD 76.6 billion in the final year, an increase of 0.9 percent in the 2020 assessment.
According to the Stockholm-based Holistic Institute, India’s military expenditure of USD 76.6 billion is the absolute third best in the world. This has increased by 0.9 percent since 2020 and by 33 percent since 2012 To support the domestic arms industry, 64 percent of the 2021 Army price range was earmarked for domestic acquisition. made weapons.
The UK spent $68.4 billion on defense in the final year, up three percent from 2020, the announcement said.
Meanwhile, Russia has taken the fifth best role in terms of defense spending.
“Russia has increased its military spending by 2.9 percent to $65.9 billion in 2021, when it was once building up its forces on the Ukrainian border. This was a 1/3 consecutive year of growth and Russia’s military spending reached 4.1 percent of GDP in 2021,” the announcement said.
In 2021, higher energy spending helped Russia expand its military spending, Lucie Beraud-Sudreau, director of SIPRI’s Military Spending and Arms Production Program, said Russia faced military spending constraints between 2016-2019 due to low prices imposed on Russia. Oil and gas are precisely like sanctions.