Military Spending In 2019 Hits Highest Increase In A Decade
Earlier this week a new analysis was reported showing the world’s military spent a combined $1.9 trillion last year with the U.S. being the top spenders.
According to the most current annual report from the Stockholm International Peace Research Institute (SIPRI), the top military spenders after the U.S. were China, India, Russia, and Saudi Arabia. Total spending in 2019 was 3.6% higher than in the previous year and accounted for 2.2% of global gross domestic product (GDP). “This is the highest level of spending since the 2008 global financial crisis and probably represents a peak in expenditure,” says Nan Tian, a researcher at SIPRI.