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The Stockholm International Peace Research Institute (SIPRI) recently released a new report detailing worldwide military expenditures. Military expenditures now reach an all-time high with total global expenditures in 2021 exceeding $2.1 trillion after seven consecutive years of continuing growth.
Global military expenditures were approximately 1% greater than in 2020, and 12% greater than ten years ago. SIPRI notes that 2021 expenditures in nominal terms, that is, today's dollars rather than inflation adjusted dollars, increased by 6.1%.
These expenditures account for 2.2% of worldwide gross domestic product (GDP). SIPRI also notes the increase in 2021 expenditures may have been moderated by the economic consequence of the global pandemic, which, nevertheless, did not limit overall expenditures.
The five largest military spenders in 2021 were the United States, China, India, the United Kingdom, and Russia, comprising 62% of total military expenditures. Over half of all expenditures – 52% - were made by China and the US alone, with US expenditures at roughly $800 billion, and Chinese expenditures at roughly $300 billion – rising for the 27th year in a row.
While US military expenditures vastly exceeds that of any other country in 2021, its overall expenditures in 2021 was lower than in previous years. SIPRI cites US pullback from investments in research and development, though noted the US keenly remains focused on developing and deploying newer, next-generation technology.
Russia's military expenditures have been increasing for three years now, funded, in part, by higher export prices, particularly fuel exports. Their 2021 military expenditures were $65.9 billion, rising 2.9% from the previous year and comprising 4.1% of its annual GDP.
Since Russia's annexation of Crimea in 2014, Ukraine's military spending has increased 72%. In 2021 Ukraine's military expenditures were $5.9 billion, or 3.2% of their GDP.
Other levels of expenditures are as follows:
Europe. $418 billion, 3% greater than 2021, 10% greater than 10 years ago.
India. The third greatest level of military expenditures in the world, increasing approximately 1% from 2020 levels to reach $76.6 billion per year, a 33% increase from 10 years ago.
Japan. $54.1 billion, 7.3% greater than 2021.
Germany. $46 billion, 1.3% of GDP, third greatest level of European expenditures after the UK and France.
Australia. $31.8 billion, increasing by 4% relative to 2021.
