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Increase in world military spending amidst pandemic

Increase in world military spending amidst pandemic

The latest data published by Stockholm International Peace Research Institute (SIPRI), suggests that military spending across the world rose to USD 1,981 billion in 2020, during the Covid-19 pandemic. The 2.6% increase in world military spending came in a year when the global GDP shrank by 4.4% largely due to the economic impacts of the Covid-19 pandemic.

Military spending as a share of Gross Domestic Product (GDP), reached a global average of 2.4% in 2020, up from 2.2% in 2019.
The five biggest spenders in 2020, which together accounted for 62% of global military expenditure were: The United States, China, India, Russia, and The United Kingdom, in descending order.

Nearly all members of the North Atlantic Treaty Organization (NATO) saw their military burden rise in 2020. The countries with the biggest increases in military burden among the top 15 spenders in 2020 were Saudi Arabia, Russia, Israel, and the US.

Stockholm International Peace Research Institute is an independent international institute dedicated to research into conflict, armaments, arms control, and disarmament. It was established in 1966 in Stockholm (Sweden).
It provides data, analysis, and recommendations, based on open sources, to policymakers, researchers, media, and the interested public.

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Nikhil Thakur

Editor @magazinegogo

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