Connect with us

Hi, what are you looking for?

Hard News Hard Hitting News Source Global Political News

Business News

Watchdog: World military spending up to an all-time high

FILE – U.S. Air Force fighter aircraft F-35 performs aerobatic maneuvers on the second day of the Aero India 2023 at Yelahanka air base in Bengaluru, India, Tuesday, Feb. 14, 2023. An independent Sweden-based watchdog says the world military spending has grown for the eighth consecutive year in 2022 to an all-time high of $2240 billion leading to a sharp rise of 13% taking place in Europe, chiefly due to Russian and Ukrainian expenditure. (AP Photo/Aijaz Rahi, File)

STOCKHOLM (AP) — Global military spending grew for the eighth consecutive year in 2022 to an all-time high of $2.24 trillion, with a sharp rise in Europe, chiefly due to Russian and Ukrainian expenditure, a Swedish think tank said Monday.

Spending globally increased by 3.7% in real terms, but military expenditure in Europe was up 13% — its steepest year-on-year increase in at least 30 years, the Stockholm International Peace Research Institute, or SIPRI, said in a report. Military aid to Ukraine and concerns about a heightened threat from Russia “strongly influenced many other states’ spending decisions.”

The independent Swedish watchdog said that last year, the three largest arms spenders were the United States, China and Russia, who between them accounted for 56% of global expenditure.

’The rise “is a sign that we are living in an increasingly insecure world,” said Nan Tian, a researcher with SIPRI’s Military Expenditure and Arms Production Program.

Several states significantly increased their military spending following Russia’s invasion of Ukraine, while others announced plans to raise spending levels over periods of up to a decade. Some of the sharpest increases were seen in countries near Russia: Finland (36 %), Lithuania (27%), Sweden (12%) and Poland (11%).

Both Sweden and Finland jointly applied for NATO membership in May 2022, abandoning decades of nonalignment in the wake of Russia’s invasion of Ukraine. While Finland has been admitted, Sweden’s bid to join NATO remains stalled by opposition from Turkey and Hungary.

“While the full-scale invasion of Ukraine in February 2022 certainly affected military spending decisions in 2022, concerns about Russian aggression have been building for much longer,” said Lorenzo Scarazzato, a researcher with SIPRI’s Military Expenditure and Arms Production Program.

“Many former Eastern bloc states have more than doubled their military spending since 2014, the year when Russia annexed Crimea.”

Russia also has increased its military spending. SIPRI said that grew by an estimated 9.2% in 2022, to around $86.4 billion. That is equivalent to 4.1% of Russia’s gross domestic product in 2022, up from 3.7% the previous year.

Established in 1966, SIPRI is an international institute dedicated to research into conflict, armaments, arms control and disarmament.

Copyright 2021 Associated Press. All rights reserved.

Source: https://apnews.com/article/global-military-expenditure-ukraine-russia-961254fce1487da37e0e0a9147d4496d

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Business News

The Brenner Base Tunnel will form the main part of a 64 km mega-tunnel under the Alps between Austria and Italy, making it the...

Business News

Tyligulska Wind Power Plant, located to the west of Kherson, is the world’s only windfarm to be built in a major conflict zone. Lucy...

Business News

The European Anti-Fraud Office (OLAF) has put forth a recommendation to halt the €140 million renovation project for the Kostenets-Septemvri railway in Bulgaria, while...

Cyber Security

North Korean state-sponsored hackers Lazarus Group have been exploiting a ManageEngine ServiceDesk vulnerability (CVE-2022-47966) to target internet backbone infrastructure and healthcare institutions in Europe...

Copyright © 2023 Hard News Herd Hitting in Your Face News Source | World News | Breaking News | US News | Political News Website by Top Search SEO