Daily Management Review

IISS: World ramps up military spending in 2020 despite pandemic


Total global defence and arms spending in 2020 is more than $1.83 trillion, an increase of 3.9 per cent on the previous year.

This data is contained in the report "Military Balance 2021", presented on 25 February by the London-based International Institute for Strategic Studies (IISS).

The authors of the report note that last year's increase in military spending was almost comparable to 2019, when the figure increased by 4%, while the global economy shrank by 4.4% during the year due to the coronavirus pandemic.

The US remains the leader in military spending, accounting for more than 40% of all global defence and arms spending. According to the report, Washington spent $738 billion for these purposes during the year, which is $53.4 billion more than a year earlier.

China with $193.3 billion military expenditures ranked second and India with $64.1 billion expenditures ranked third.

The top ten also includes Britain ($61.5 billion), Russia ($60.6 billion), France ($55 billion), Germany ($51.3 billion), Japan ($49.7 billion), Saudi Arabia ($48.5 billion) and South Korea ($40.4 billion).

source: iiss.org