Business Today

World military expenditure at highest level since the end of cold war

India's military spending rose by 5.5% in 2017.

twitter-logo Niti Kiran   New Delhi     Last Updated: May 2, 2018  | 19:05 IST
World military expenditure at highest level since the end of cold war
PC: Reuters

India joined the league of the five biggest military spenders in 2017, together accounting for 60% of global military spending, according to a report by the Stockholm International Peace Research Institute. India, whose spending rose by 5.5% in 2017 to $63.9 billion, moved from sixth place to fifth in the rankings in 2017, overtaking France. We bring some interesting trends highlighted in the report.

World military expenditure is estimated to have reached $1739 billion in 2017, the highest level since the end of the cold war. After 13 consecutive years of increases from 1999 to 2011 and relatively unchanged spending from 2012 to 2016, total global expenditure rose marginally in 2017, by 1.1% in real terms.

The five biggest spenders in 2017 were the United States, China, Saudi Arabia, Russia and India, which together accounted for 60% of global military spending.

At $610 billion, US military spending accounted for more than a third of the world total in 2017. US spending was 2.7 times greater than the next highest spender, China; indeed, the US spent more than the next seven highest spenders combined.

Six of the top 15 military spenders made significant increases of more than 30% in their military spending between 2008 and 2017: China, Turkey, India, Russia, Saudi Arabia and Australia.

 

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close