LONDON: Global military spending, driven in part by Chinese naval expansion, reached record levels in 2020 despite the impact of the coronavirus pandemic and ensuing economic contraction, a British think-tank said on Thursday.
The International Institute for Strategic Studies (IISS) said military spending reached $1.8 trillion (1.5 trillion euros) last year — a 3.9 percent increase in real terms over figures for 2019.
The London-based think-tank said in its annual “Military Balance” publication that expenditure rose “despite the coronavirus pandemic and the subsequent contraction in global economic output”.
The United States remained the world’s largest defence spender in 2020, IISS said, accounting for 40 percent of $738 billion globally. China, by comparison, accounted for 10.6 percent or $193.3 billion.
Beijing’s military spending was the driving force behind growth in Asia’s overall defence expenditure, and accounted for 25 percent of the continent’s spending in 2020. Asia’s upward trend in military expenditure continued last year albeit at a slightly slower pace than in 2019.
“Several countries adjusted their defence budgets to redirect funds to crisis relief or economic stimulus measures,” the IISS said.
Comments
Comments are closed for this article.