NextGen Day

According to an international study issued Monday, global military spending reached an all-time high of nearly USD2 trillion in 2021.

According to the Stockholm International Peace Research Institute (SIPRI), total military spending increased 0.7 percent from the previous year to USD2.113 trillion.

According to the report, the worldwide military burden, or global military expenditure as a percentage of global GDP, decreased by 0.1 percentage point from 2.3 percent in 2020 to 2.2 percent in 2021.

According to SIPRI, the United States, China, India, the United Kingdom, and Russia were the top five spenders in 2021, accounting for 62 percent of total spending.

The US is focusing more on next-generation technologies, according to Alexandra Marksteiner, a researcher with SIPRI’s Military Expenditure and Arms Production Program.

“The United States administration has frequently emphasized the need of maintaining the US military’s technology advantage over strategic competitors,” she said.

Meanwhile, Russia increased its military spending by 2.9 percent to USD65.9 billion in 2021, at a time when it was beefing up its forces along the Ukrainian border, according to the report, which also noted that this was the third year of growth and that Russia’s military spending reached 4.1 percent of GDP in 2021.

“Because of low energy prices combined with sanctions imposed in reaction to Russia’s annexation of Crimea in 2014, Russian military expenditure fell between 2016 and 2019,” said Lucie Beraud-Sudreau, director of SIPRI’s Military Expenditure and Arms Production Program.

Since the invasion of Crimea in 2014, Ukraine’s military spending has increased by 72 percent, as the country has beefed up its defenses against Russia.

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