According to SIPRI’s latest report, world military spending increased during COVID-19

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According to SIPRI’s latest report, world military spending increased during COVID-19

  • According to the latest report published by the Stockholm International Peace Research Institute (SIPRI), worldwide military spending reached US $ 1,981 billion in the year 2020, despite the COVID-19.
  • Global military spending has increased by 6%, while in 2020 global GDP had shrunk by 4.4% due to the economic effects of the COVID-19 pandemic.

Key points:

  • Military spending as a share of global average gross domestic product (GDP) has reached 4% in the year 2020, up from 2.2% in the year 2019.
  • The five largest military spenders in the year 2020 are the United States, China, India, Russia, and the United Kingdom respectively. These countries were jointly responsible for 62% of the total global military expenditure.
  • The year 2020 is the third consecutive year of increase in US military spending after seven years of continuous cuts. This increase is due to growing concerns over the perceived threat of traditional rivals like China and Russia and the efforts of the US administration to strengthen US military capability.
  • China’s military spending has been steadily increasing over the 26 years, the longest series of continuous increases by any country in the SIPRI Military Expenditure Report.
  • In the year 2020, almost all members of the North Atlantic Treaty Organization (NATO) have increased their military expenditure.
  • Saudi Arabia, Russia, Israel and the United States were among the top 15 countries in increasing military spending in the year

Indian scenario:

  • In the year 2020, India was the third largest military spending country in the world after the US and China.
  • India’s total military expenditure was approximately US $ 9 billion, which is 3.7% of global military expenditure.
  • Since 2019, India’s military spending has increased by 1%. The main reason for this increase can be attributed to the ongoing conflict with Pakistan and tensions along the border with China.
  • India’s annual military expenditure also includes a huge pension fund for 33 lakh veterans and retired defense personnel. For example, out of the total outlay of Rs78 lakh crore in the defense budget (2021-2022), Rs1.15 lakh crore was of the pension fund.

Stockholm International Peace Research Institute (SIPRI):

  • It is an independent international institute dedicated to research in conflict, armament, arms control and disarmament.
  • It was founded in the year 1966 in Stockholm (Sweden).

Source – Indian Express

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