Global arms spending passes $2 trillion for the first time.
Defense spending reached $2.1 trillion dollars for the first time in 2021, driven by an arms race in Asia, the Stockholm International Peace Research Institute reported. Despite the pandemic, inflation, and demands for direct household support, global military expenditure grew by 6.1%.
China continues to drive an absolute increases in defense spending with a 4.7% rise from 2020, making it the only country to see 27 years of consecutive growth.
spending, SIPRI said. Photo: Reuters and Getty Images via Nikkei Asia
While China and the US continue to represent the majority of spending, South Korea and Australia increased spending by 4% or more, and Japan and Singapore both boosted military spending by more than 7% as regional tensions contribute to escalation and repeated confrontations over Taiwan, trade aggressions, and the South China Sea.
