• About
  • Advertise
  • Careers
  • Write for us
  • Contact
  • Terms of service
Sunday, May 29, 2022
The Millennial Source
TMS
Home WORLD

Global military spending tops US$2 trillion and may rise further amid Ukraine-Russia war

byThe Millennial Source
April 26, 2022
in WORLD
military spending

FILE PHOTO: Swedish and Finnish tanks are seen during a military exercise called "Cold Response 2022", gathering around 30,000 troops from NATO member countries plus Finland and Sweden, amid Russia's invasion of Ukraine, in Evenes, Norway, March 22, 2022. REUTERS/Yves Herman

Share on FacebookShare on TwitterShare on Linkedin

For the first time ever, global military spending, according to Stockholm International Peace Research Institute (SIPRI) has topped US$2 trillion per year, or US$2,113 billion to be more specific. This is up 0.7% in real terms from the year before. Since 2015, this figure has been trending upward. 

The head of the SIPRI military expenditure and arms production program said that this has been because of more spending in Europe after Russia’s annexation of Crimea in 2014 and Trump’s pressure on NATO allies to spend more on defense when he was president. And now, with the Ukraine-Russia war, this upward trend will only continue. But one thing that a lot of countries are now trying to balance is whether to quickly build up their military equipment by buying from arms manufacturers overseas or taking time to fund their own domestic military industries. 

Key comments:

“Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach $2113 billion,” wrote the SIPRI in a statement. “The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure, according to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI).”

“Europe was already on an increasing trend, and this trend will accelerate and intensify,” said Lucie Beraud-Sudreau, director of SIPRI’s military expenditure and arms production program. “Usually change happens slowly, until you are in a crisis and then change really happens. I think that’s where we are now.”

Like TMS? Subscribe to our free daily newsletter

. . .

Related

Tags: superpower relationsukraine and russiaWorld
ShareTweetShare

Latest Posts

China proposal

China proposes economic and security agreement to 10 Pacific nations

May 27, 2022

Singapore Prime Minister Lee Hsien Loong warns against excluding China from regional summits

May 27, 2022
Cathay Pacific

Cathay Pacific seeks to rehire ex-staff as part of airline’s “anticipated recovery”

May 27, 2022

HSBC is said to be considering IPO of Indonesian business

May 27, 2022

Russia edges closer to a historic debt default

May 26, 2022

Hong Kong customs seizes illegal smoking products worth millions after e-cigarette ban

May 26, 2022

Texas shooting: 21 people confirmed dead; Biden says he’s “sick and tired” of US gun violence

May 26, 2022

Several key takeaways from Biden’s trip to Asia

May 25, 2022

What you need to know about the changing egg freezing laws in Singapore

May 25, 2022

SUBSCRIBE TO THE TMS NEWSLETTER

By providing your email, you agree to our Privacy Policy

The Millennial Source Ltd. 2021

No Result
View All Result
  • Your daily briefing
  • About us
  • Explore
    • Startups
    • Climate change
    • Tech giants
    • Crypto
    • The future of work
    • Banking giants
    • Economy
  • Lifestyle
  • TMS archives
  • Write for us
  • Contact
  • Privacy Policy & Terms

© 2022 The Millennial Source Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

string(24) "jsonld single post debug"
The Millennial Source
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.