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April 26, 2022 02:00 pm

World Military Expenditure Passes $2 Trillion for First Time

World military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion. This was the seventh consecutive year that spending increased. From a report: "Even amid the economic fallout of the Covid-19 pandemic, world military spending hit record levels," said Dr Diego Lopes da Silva, Senior Researcher with SIPRI's Military Expenditure and Arms Production Programme. "There was a slowdown in the rate of real-terms growth due to inflation. In nominal terms, however, military spending grew by 6.1 per cent." As a result of a sharp economic recovery in 2021, the global military burden -- world military expenditure as a share of world gross domestic product (GDP) -- fell by 0.1 percentage points, from 2.3 per cent in 2020 to 2.2 per cent in 2021. US military spending amounted to $801 billion in 2021, a drop of 1.4 per cent from 2020. The US military burden decreased slightly from 3.7 per cent of GDP in 2020 to 3.5 per cent in 2021. US funding for military research and development rose by 24 per cent between 2012 and 2021, while arms procurement funding fell by 6.4 per cent over the same period. In 2021 spending on both decreased. However, the drop in R&D spending (-1.2 per cent) was smaller than that in arms procurement spending (-5.4 per cent).

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