Global military spending hit new record in 2021
Military expenditure around the world has reached an all-time high of $2.1 trillion in 2021.
Military expenditure around the world has reached an all-time high of $2.1 trillion in 2021, according to the Stockholm International Peace Research Institute (SIPRI).
The Institute said on Monday that the five largest countries in terms of military spending are the United States, China, India, the United Kingdom, and Russia.
A statement by SIPRI said that total global military expenditure "increased by 0.7 percent in real terms in 2021, to reach $2113 billion."
Who were the 5 largest military spenders in 2021?— SIPRI (@SIPRIorg) April 24, 2022
Together they accounted for 62% of world military
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Furthermore, as a result of the recovery from the pandemic, defense spending amounted to 2.2% of the world's GDP, marking a slight 0.1% drop from 2020.
Moreover, from 2021 to 2021, the US, whose 2021 military budget was $801 billion, increased funding for military research and development by 24%, while reducing arms purchases by 6.4%.
China, which came in second place, spent $293 on its military budget, marking a 4.7% increase from 2020. India was in third with $76.6 billion, the UK in fourth place with $68.4 billion, while Russia came in fifth with $65.9 billion.
"Russia increased its military expenditure by 2.9 per cent in 2021, to $65.9 billion, at a time when it was building up its forces along the Ukrainian border. This was the third consecutive year of growth and Russia’s military spending reached 4.1 per cent of GDP in 2021," the statement said.
Military expenditure grew in 3 of the world's 5 regions in 2021. Spending increased in Asia and Oceania ⬆️3.5%, Europe ⬆️3.0% and Africa ⬆️1.2%. Spending decreased in the Middle East ⬇️–3.3% and the Americas ⬇️–1.2%.— SIPRI (@SIPRIorg) April 25, 2022
Get the full analysis ➡️ https://t.co/H1pigK1gic#GDAMS2022 pic.twitter.com/AB74Cq1j9T