Global defense spending increased by 1.9 percentage points in 2020 to reach $ 1.9 trillion, showing continuous growth for seven years.
This is stated in the study of defense spending, published by the Jane's information and analytical center.
According to the publication, in 2020, the total level of global defense spending reached $ 1.93 trillion, which is almost $ 180 billion more than the 2010 figure of $ 1.75 trillion.
At the same time, according to Jane's experts, it is expected that the growth of global defense spending will slow down in 2021. This is due to the economic consequences of the crisis caused by the coronavirus pandemic, experts said.
"It is likely that all regions with the exception of Europe, the Asia-Pacific region and Latin America will undertake defense spending cuts in 2021. Global defense spending will reach its lowest level since 2013. It is possible that the worst effects of the Covid-19 pandemic will manifest themselves in 2022, when governments may begin to significantly limit funding, " said Jane's analyst Andrew McDonald.
At the same time, in his opinion, says Eadaily, subsequently, the growth of global defense spending will continue and will be able to reach $ 2.23 trillion by 2030. Europe showed the greatest growth in defense budgets in 2020: the countries of the region increased defense spending by 5.6 percentage points compared to 2019. The Asia-Pacific countries have also significantly increased the size of this category of expenditure.
According to Jane's experts, this growth will continue in the near future. According to the report, the countries of the region will account for 35% of global defense spending in 2028.