Global Military Spending Exceeds $2 Trillion for First Time

    According to Bloomberg News, military expenses globally have exceeded $2 trillion annually for the first time. It appears it is set to increase further as the European nations gear up their armed forces to respond to Russia’s Ukraine invasion

    Increasing defense budget

    In 2021, nations incurred an expense of $2,113 billion on militaries, which was found to be up by 0.7% from the previous year, as per a report released on Monday, courtesy of Stockholm International Peace Research Institute or the SIPRI. 

    Following a brief period of plunging military spending between 2011 and 2014, the outlays have surged for seven consecutive years, as per data from SIPRI. With the full-on way between Russia and Ukraine, many governments in Europe have pledged to spend to boost their military capabilities.

    Bloomberg News reports that the upturn since the year 2015 has been partially triggered by Europe’s higher spending, following Russia’s 2014 annexation of Crimea increased the level of threat simultaneously as the US administration, under the leadership of Donald Trump, exerted increased pressure on allies of NATO for spending more on the armed forces. 

    In 2021, European spending constituted 20% of the total global and defense budget, the second-largest economy globally, and is estimated to make up 14%. 

    Bloomberg News reports that the United States remains the biggest spender as it allocates $801 billion for its armed forces in 2021, as per SIPRI. In the past 10-years, military spending in the US constituted 39% of the global expenses. While, on the one hand, the arms purchase has dropped, more funds have been allocated for military research and development, thereby implying that the United States focuses more on next-generation technologies, as per SIPRI researcher Alexandra Marksteiner

    As the European countries starting from Sweden to Spain, have decided to increase their defense budget allocation, there are indications that the priority will be to upgrade the weapon system



    RELATED ARTICLES

    Pookie Baba

    Is Pookie Baba Real? Internet Reacts in India

    In the short-evolving global of virtual content and meme culture, few personalities have captured the...
    When was Studio Ghibli founded

    When Was Studio Ghibli Founded: Japan’s Iconic Animation Legacy

    Studio Ghibli is a popular Japanese animation studio, known by many for its stunning movies,...
    US-Ukraine talks

    US-Ukraine Talks: Zelensky Seeks Meaningful Outcomes Amid War

    Ukrainian President Volodymyr Zelensky hopes the subsequent talks between Ukraine and the United States will...
    OTT platforms

    OTT Platforms: Reviving Local Languages, Culture, and Heritage in India

    OTT systems have revolutionized content material intake in India, presenting audiences with admission to numerous...
    mental health

    Mental Health Awareness In India: Breaking The Stigma In 2025

    One of the aspects of our overall well-being is mental health, and it should not...
    women safety in India

    Women Safety in India: Key policy changes and ongoing challenges

    For an extended period, Indian society has maintained women's safety as both domestic and international...

    MORE ARTICLES

    Why Public Sector IT Teams Are Moving to Cloud‑Based SD‑WAN Solutions

    Why Public Sector IT Teams Are Moving to Cloud‑Based SD‑WAN Solutions

    Why Public Sector IT Teams Are Moving to Cloud‑Based SD‑WAN Solutions Government agencies are facing growing...
    strategy for salaried individuals

    Why SIP is the best investment strategy for salaried individuals

    As a salaried individual, managing finances comes with several challenges. Fixed monthly income leaves little...
    Bappam TV

    Bappam TV: Your Telugu Entertainment Hub

    In this virtual age, online streaming platforms have emerged as a fundamental part of how...
    A Full Range of Financial Services for Ukrainians in Toronto

    BCU Financial serving the Ukrainian community in Toronto, has been around for over 70 years

    BCU Financial serving the Ukrainian community in Toronto, has been around for over 70 years....
    Simple Steps to Renew Your BLS Certification Online

    Simple Steps to Renew Your BLS Certification Online

    Maintaining certifications is essential to delivering the highest standard of healthcare. Keeping the certification up-to-date...