Jerry Jackson

Global Military Spending Hits High But Growth Slows

In Economics, Human Rights, Military, Society, World Government, World News on April 12, 2011 at 8:28 am


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GlobalMilitary

Global Military Spending

Worldwide military spending edged up in 2010 to a record $1.6 trillion, a leading think-tank said on Monday.


Global spending rose 1.3 percent in real terms, a slowdown from 5.9 percent the year before as the economic downturn caused by the 2008 financial crisis hit military spending, the Stockholm International Peace Research Institute said.

“In many cases, the falls or slower increases represent a delayed reaction to the global financial and economic crisis that broke in 2008,” it said in a statement, adding that there were regional differences.

Spending in Europe shrank 2.8 percent to $382 billion as governments started to rein in soaring budget deficits.

The biggest cuts were in small economies in central and eastern Europe, and in crisis-struck southern European countries such as Greece.

“Further cuts are expected in most of Europe in 2011 and subsequent years, although these are likely to remain relatively modest in the major spending countries,” SIPRI, which conducts independent research on international security, armaments and disarmament, said in a statement.


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