Global Military Expenditure Increases Despite COVID-19
Despite the Coronavirus pandemic, the global military expenditure increased by 2.6% to $1.98 trillion in 2020, a report by Stockholm International Peace Research Institute (SIPRI) has revealed.
According to the report, United States, China, India, Russia, and the United Kingdom emerged as the five biggest spenders in 2020, collectively accounting for 62% of the global defense expenditure.
The US’s military spending rose by 4.4% to $778 billion in 2020, recording the third consecutive year of growth in the country’s military expenditure. As the world’s largest military spender, the US accounted for 39% of the global military expenditure in 2020.
China’s defense budget increased by 1.9% to $252 billion in 2020, recording the 26th consecutive year of growth in the country’s military expenditure. As the second-largest military spender, China accounted for 13% of the global defense expenditure in 2020.
India’s military spending rose by 2.1% to $72 billion, Russia’s defense budget increased by 2.5% to $62 billion, and the UK’s military expenditure rose by 2.9% to $59 billion in 2020.
Meanwhile, Pakistan emerged as the 23rd biggest military spender in 2020. However, the country’s defense expenditure decreased by 2.8% to $10.4 billion last year. Pakistan’s military budget accounted for 4.0% of the country’s GDP and 0.5% of the global military expenditure.
I am a freelance writer studying Mass Communication at the University of Karachi in the faculty of Media sciences. Also certified from Hubspot Academy as a Content Marketer.
