Worldwide Military Spending Tops $2 Trillion for First Time as Europe Boosts Defenses
As per a report delivered Monday by the Stockholm International Peace Research Institute, or SIPRI, nations spent an aggregate of $2,113 billion on their militaries in 2021, up 0.7 percent in genuine terms from the earlier year.
For the first time, global military spending has surpassed $2 trillion per year, and this figure is expected to rise further as European countries beef up their armed forces in response to Russia’s invasion of Ukraine.?
According to SIPRI data, after a brief period of declining military spending between 2011 and 2014, outlays have increased for seven consecutive years. Following the full-scale invasion of Ukraine, several European governments have pledged a spending overhaul to improve the capabilities of their armed forces.?
“Europe was at that point on a vertical pattern, and this pattern will speed up and strengthen,” said Lucie Beraud-Sudreau, overseer of SIPRI’s tactical consumption and arms creation program, via telephone.