Global military spending rises to nearly $2 trillion despite pandemic
April 27, 2021 - Despite the economic effects of Covid-19, total global military spending rose to nearly $2 trillion in 2020 – an increase of 2.6 percent from 2019 – according to the Stockholm International Peace Research Institute (SIPRI).
SIPRI’s annual study put the total spend at $1.981 trillion, despite a 4.4% decrease in global gross domestic product, UPI said
The United States, China, India, Russia and the UK were the biggest spenders, accounting for 62 percent of the global total in 2020.
The U.S. was easily the largest spender, with a military budget estimated at $778 billion, or 39 percent of the world total.