The Stockholm International Peace Research Institute (SIPRI) on May 2, 2018 released a report claiming that the world’s military expenditure rose to USD 1739 billion in 2017, a marginal 1.1 percent increase from 2016.
As per the report, India is the fifth largest military spender in the world. India spent USD 63.9 billion on its military in 2017, a 5.5 percent increase in the expenditure from 2016 and a 45 percent increase since 2008.
Key Highlights of the report
• The total global military expenditure accounted for 2.2 percent of the global Gross Domestic Product in 2017.
• The increase in global military expenditure has been largely due to the substantial growth in spending by countries in Asia, Oceania and the Middle East, such as China, India and Saudi Arabia.
• The top 5 military spenders in 2017 were the United States, China, Saudi Arabia, Russia and India.
• India and China, together, accounted for 60 percent of the total global defence expenditure of USD 1739 billion in 2017.
• China’s military expenditure rose again in 2017 with a total military spending of USD 228 billion in 2017; while, Russia’s military spending (USD 66.3 billion) fell for the first time since 1998.
• The US military spending of USD 610 billion was 2.7 times greater than that of China. The US military spending remained constant between 2016 and 2017.
• The total military spending by all 29 North Atlantic Treaty Organization (NATO) members was USD 900 billion in 2017, accounting for 52 percent of world spending.
• The military spending in both Central and Western Europe increased by 12 and 1.7 percent, respectively, in 2017.
• Tensions between China and many of its neighbours continue to accelerate the military spending in Asia.
• Seven of the Top 10 countries with the highest military burden are in the Middle East - Oman (12 percent of GDP), Saudi Arabia (10 percent of GDP), Kuwait (5.8 percent of GDP), Jordan (4.8 percent of GDP), Israel (4.7 percent of GDP), Lebanon (4.5 percent of GDP) and Bahrain (4.1 percent of GDP).
• The military expenditure of South America grew by 4.1 percent in 2017.
• The military expenditure of Africa fell by 0.5 percent in 2017, marking the third consecutive annual decrease since 2014.
What: As per SIPRI