Global military spending surpasses $2 trillion for first time
April 25, 2022 - Military expenditure surpassed $2 trillion for the first time in 2021, and is likely to rise further as anxious European nations look to strengthen their armed forces against the threat of Russian expansionism.
In 2021, world military expenditure surpassed two trillion dollars for the first time, reaching $2,113 billion, according to a paper published by the Stockholm International Peace Research Institute.
Military spending in 2021 was on average 0.7% higher than in 2020 and 12% higher than in 2012, illustrating that the economic burden of the Covid-19 pandemic has not interrupted a continuous upward trend in world military expenditure seen since 2015.
Spending on the military as a share of GDP reached 2.2% in 2021, slightly down from 2.3% in 2020. Average military spending as a share of government expenditure in 2021 remained the same as in 2020 – 5.9%.
Expenditure will likely increase substantially in parts of Europe following Russia’s invasion of Ukraine, with nervous European governments pledging to overhaul spending on their armed forces.