Stockholm: World military expenditure reached highs of all time USD 2.1 trillion by 2021, said Stockholm International Peace Research Institute (SIPRI) said on Monday, adding that the three biggest waste is the United States, China and India.
“The total global military expenditure increased by a real 0.7 percent in 2021, reaching USD 2113 billion. The five biggest waste in 2021 was the United States, China, India, England and Russia, together reached 62 percent of spending,” said Stockholm said in a statement.
“Even in the midst of the fall of the Covid-19 Pandemic Economy, world military expenditure hit a record level,” said Dr. Diego Lopes da Silva, a senior researcher with a military spending and weapons production program. “There is a slowdown in the growth rate of real terms due to inflation. However, military expenditure grew 6.1 percent.”
As a result of the economic recovery of the Covid-19 pandemic, the defense expenditure of 2.2 percent of Global GDP, while in 2020 this figure reached 2.3 percent.
US military spending reached USD 801 billion in 2021, a drop of 1.4 percent from 2020, the statement said. In the period 2012 to 2021, the US increased funds for military research and development of 24 percent and reduced expenses for weapons purchases of 6.4 percent, according to the statement.
The second place went to China, which spent USD 293 billion for defense, an increase of 4.7 percent compared to 2020. Indian military expenditure was ranked third with USD 76.6 billion years ago, a 0.9 percent increase compared to 2020.
According to the Stockholm-based Institute, Indian military expenditure of USD 76.6 billion is third in the world. This rose 0.9 percent from 2020 and was 33 percent of 2012. In the urge to strengthen the indigenous weapon industry, 64 percent of capital expenditure in the 2021 military budget was intended for the acquisition of weapons produced domestically.
England spent $ 68.4 billion in last year’s defense, up three percent from 2020, the statement was read.
Meanwhile, Russia took the fifth highest position in defense expenditure.
“Russia increased its military spending by 2.9 percent by 2021, to USD 65.9 billion, at that time it was building its troops along the Ukrainian border. This is the third year in a row and Russian military expenditure reached 4.1 percent. GDP in 2021, “said the statement.
In 2021, high energy prices helped Russia to increase its military spending, Lucie Beraud-Sugreau, director of the Military Expenditure Program SIPRI and Productions, said that adding that between 2016-2019 Russia experienced a decline in military spending due to low oil and gas prices and sanctions imposed on Russia.
