Global defense spending continues to grow. Yesterday, April 26, the Stockholm International Peace Research Institute (SIPRI) published a report that shows global defense spending for 2020.
According to analysts, last year, the total defense spending of all countries amounted to $1981 billion — this is 2.6% more than was spent in 2019. This increase is very significant against the background of a 4.4% drop in the global RUNWAY due to the economic consequences of the COVID-19 pandemic. Overall, defense spending accounted for 2.4% of GDP in 2020, compared with 2.2% in 2019.
Global defense spending by region
Image source: sipri.org
The top five countries with the largest military spending in the world in 2020 included the United States, China, India, Russia and the United Kingdom, which accounted for 62% of global military spending. The country with the highest annual military spending remains the United States — in 2020, this figure increased by 4.4% and amounted to $778 billion (39% of global defense spending).
China's military spending in 2020 is estimated at $252 billion, which is 1.9% more than in 2019. China's defense spending has grown for 26 consecutive years — the longest period of continuous growth among all countries, according to the SIPRI military spending database.
According to SIPRI, India's military spending amounted to $72.9 billion, Russia — $61.7 billion. Rounding out the top five is the United Kingdom, whose arms spending last year totaled $59.2 billion.
