International military spending has risen for the seventh consecutive year, with increases likely next year as a result of the Russian invasion of Ukraine. (Photo: Russian MoD)
The Stockholm International Peace Research Institute has reported that world defence spending has continued to grow in 2021, reaching a new peak of $2.1 trillion.
Dr Diego Lopes da Silva, Senior researcher with SIPRI’s Military Expenditure and Arms Production Programme stated: ‘There was a slowdown in the rate of real-term growth due to inflation. In nominal terms, however, military spending grew by 6.1%’.
The five largest spenders in 2021 were the US, China, India, the UK and Russia, which together account for 62% of expenditure.
US military spending dropped by 1.4% from 2020 levels, totalling $801 billion in 2021, while research and development rose by 24% between 2012 and 2021.
Russia increased its military expenditure by 2.9% in 2021, to $65.9 billion. This increase has been linked to the preparation and build up before the invasion of Ukraine. This was the third consecutive year of growth and Russia’s military spending reached 4.1% of GDP in 2021.
In contrast, Ukraine’s military spending has risen by 72 per cent since the annexation of Crimea in 2014, although spending fell in 2021 to $5.9 billion.
China is the world’s second-largest spender and allocated around $293 billion, an increase of 4.7% compared with 2020.
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Although Trump’s geopolitics policy for Europe remains unclear, defence analysts from the US and Europe predict how his incoming administration would attempt to handle critical issues on the continent.
The UK budget announced in Parliament on 30 October was the first by a Labour government in 14 years which has also launched a review into defence procurement programmes.
The Australian government has placed a focus on Guided Weapons and Explosive Ordnance (GWEO) which has included the purchase of additional long-range rocket systems and investments in local production of missiles.
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