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Amidst Pandemic and Economic Sufferings, 2020’S Global Military Spending Reached Highest Level in Decades.

Amidst Pandemic and Economic Sufferings, 2020’S Global Military Spending Reached Highest Level in Decades

World military expenditure in 2020 is estimated to have been $1981 billion, the highest level since 1988 — and world military expenditure in 2020 was 2.6 per cent higher in real terms than in 2019 and 9.3 per cent higher than in 2011.

Portside, May 6, 2021 Countercurrents Collective    Military spending around the world has increased to unprecedented level since 1988 despite economic suffering due to the COVID-19 pandemic, and the U.S. was ahead of all the countries again, finds Trends in World Military Expenditure, 2020, the latest report by the Stockholm International Peace Research Institute (SIPRI).

In 2020, nations were struggling to support their economies through the times of hardships and lockdowns caused by the pandemic. Those efforts apparently did not prevent governments from spending more money on their militaries than ever before in more than three decades, the report said.

The report published on Monday said: World military expenditure in 2020 is estimated to have been $1981 billion, the highest level since 1988 — the earliest year for which SIPRI has a consistent estimate for total global military spending, and world military expenditure in 2020 was 2.6 per cent higher in real terms than in 2019 and 9.3 per cent higher than in 2011.

It said that over the last decade, global military spending increased by almost 10 percent. The increase came in a year when the world’s “gross domestic product (GDP) shrank by 4.4 percent.” The global military burden — world military expenditure as a share of global GDP — rose by 0.2 percentage points in 2020, to 2.4 per cent.

It said the increase caused “the biggest year-on-year rise in the military burden since the global financial and economic crisis in 2009.”

Still, some countries, like South Korea and Chile, preferred to spend some of the planned military funds on pandemic response while others, like Russia and Brazil, spent “considerably less” on defense then planned in 2020.

SPIRI said U.S. leads the list of the largest military spenders by a wide margin. U.S.’s military expenditures amounted to 39% of the global defense spending. U.S. also recorded one of the highest spending growth rates among the top 10 military spenders, surpassed only by Germany and South Korea, which have considerably smaller defense budgets.

China, closest “competitor” of U.S., spent around three times less money on defense and its military spending in 2020 accounted for some 13 percent of the global tally. Beijing did not have to raise its defense spending at the expense of increasing the military burden, since its economy was one of the few still growing in 2020.

SPIRI said U.S. leads the list of the largest military spenders by a wide margin. U.S.’s military expenditures amounted to 39% of the global defense spending. U.S. also recorded one of the highest spending growth rates among the top 10 military spenders, surpassed only by Germany and South Korea, which have considerably smaller defense budgets.

China, closest “competitor” of U.S., spent around three times less money on defense and its military spending in 2020 accounted for some 13 percent of the global tally. Beijing did not have to raise its defense spending at the expense of increasing the military burden, since its economy was one of the few still growing in 2020…………… SPIRI said U.S. leads the list of the largest military spenders by a wide margin. U.S.’s military expenditures amounted to 39% of the global defense spending. U.S. also recorded one of the highest spending growth rates among the top 10 military spenders, surpassed only by Germany and South Korea, which have considerably smaller defense budgets.

China, closest “competitor” of U.S., spent around three times less money on defense and its military spending in 2020 accounted for some 13 percent of the global tally. Beijing did not have to raise its defense spending at the expense of increasing the military burden, since its economy was one of the few still growing in 2020………….. https://portside.org/2021-05-06/amidst-pandemic-and-economic-sufferings-2020s-global-military-spending-reached-highest

May 8, 2021 - Posted by | 2 WORLD, weapons and war

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