Global military expenditure increased to highest level ever..!?

Global military spending to hit $2.24 trillion in 2022 Russia's invasion of ukraine has boosted military spending significantly across europe, according to reports. The Stockholm international Peace Research Institute (SIPRI) released its annual report on global military spending yesterday. It has been revealed that global spending has risen for the 8th year in a row. europe in particular rose 13 percent, the highest in at least 30 years. Most of these are related to russia and ukraine, the report said. Other countries are also said to have stepped up military spending in response to Russian threats. Nan Tian, a senior researcher at the Stockholm international Peace Research Institute, said that the continuous increase in global military spending in recent years is a sign that we live in an insecure world. Countries are developing military strength in response to a deteriorating security environment, he said.
Russia annexed Ukraine's Crimean Peninsula in 2014. It also supported separatist rebels in the east of the country before launching a full-scale invasion of ukraine from february last year. These moves by russia have raised alarm among Russia's other neighbors. As a result, Finland's military spending has increased by 36 percent and Lithuania's military spending has increased by 27 percent. Military spending in ukraine is set to increase sixfold to $44 billion in 2022, the highest one-year increase in a country's military spending ever recorded in SIPRI data. Russian military spending will increase by 9.2 percent to about $86.4 billion in 2022. This equates to 4.1 percent of Russia's 2022 GDP, up from 3.7 percent in 2021. This makes russia the 3rd largest military spender in the world.US military spending will increase by 0.7 percent to $877 billion in 2022. As a result, the united states continues to be the top military spender in the world. This was 39 percent of total world military spending. US military aid to ukraine has multiplied military spending. US financial military aid to ukraine was $19.9 billion in 2022. china is said to the second huge military spender in the world. china has earmarked $292 billion for its military. This is 4.2 percent higher than in 2021. India's military expenditure by 2022 will be $81.4 billion. india is ranked 4th on this list. Global spending on military equipment will reach $2.24 trillion by 2022. The report comes as the ongoing war between russia and ukraine has affected Europe's security infrastructure. saudi arabia has earmarked $75 billion for the military by 2022. Similarly, in 2022, the UK allocated $68.5 billion, germany $55.8 billion, france $53.6 billion, and south korea $46.4 billion for the military. japan plans to spend $46 billion on the military in 2022, up 5.9 percent from the previous year. This is the first time since 1960 that japan has spent more on its military.

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military expenditure

Sowmiya Sriram

25/04/2023 01:51 PM