World military expenditure exceeded the $2 trillion tag (€ 1 . 8 trillion) for the first time in 2021, based on a new report published by Stockholm International Peace Research Institute (SIPRI) on Monday.
Total global defense spending arrived at $2. 113 trillion, which was 0. 7% higher than within 2020 and 12% higher than in 2012, according to the peace think tank.
This marked the seventh consecutive year that military investing increased, although the data shows that the economic impact of the coronavirus pandemic did not lower military costs.
“ Even amid the economic fallout of the COVID-19 pandemic, world military investing hit record levels, ” said Diego Lopes da Silva, a older researcher with SIPRI’s Army Expenditure and Arms Creation Program.
US, China spend most on military
The five largest military spenders in 2021 were the United States, China, India, the United Kingdom and Russia, which together made up 62% of the total spending.
The US and China alone accounted for 52% of the spending, according to SIPRI.
China’s spending rose for the 27th consecutive year, to reach $293 billion, while Russia’s expenditure grew for the third consecutive year in 2021.
While US spent far more on defense compared to any other country in 2021, its expenditure dropped when compared with prior years. SIPRI said the decline was in part due to an overall decline in US spending on research and development, but added the country remained focused on developing next-generation technologies.
Russia and Ukraine saw boost
Russia’s spending in 2021 rose by 2 . 9% to reach $65. 9 billion, or 4. 1% of its GDP, the report found.
The Ruskies boost in spending has been aided by higher costs for Russian fuel exports and came at a time it was preparing to invade Ukraine, SIPRI experts stated.
Ukraine’s military spending has risen by 72% since the annexation associated with Crimea in 2014. This spent $5. 9 billion, or 3. 2% of the country’s GDP, in 2021.
Germany is third-highest spender in European countries
Total military spending in Europe in 2021 amounted to $418 billion, which was 3% higher than in 2020 and 19% higher than in 2012.
Germany — the third-largest spender after the UK and France — spent $56 billion on the military in 2021, that was 1 . 3% of its GDP.
Spending also increased in Asia and Oceania by 3. 5%, in Europe by 3% and in Africa by 1 ) 2%.
Spending decreased in the Middle East simply by -3. 3% and the Americas by -1. 2%.
One of the most notable adjustments in defense spending came from Iran — where the country’s military budget increased for the first time in four years — topping $24. 6 billion. Funding for the Islamic Innovative Guard Corps in particular grew by 14% compared to 2020.