A swedish think tank Stockholm International Peace Research Institute (SIPRI) has released its report “Trends in World Military Expenditure, 2019”. The report released by SIPRI analysed the global military spending in 2019. The report stated that the global military spending in 2019 was 2.2% of the global gross domestic product (GDP) i.e 7.2% higher in 2019 than it was in 2010.
Key findings of the report “Trends in World Military Expenditure, 2019”:
- The total global military expenditure rose to $1917 billion in 2019 i.e. an increase of 3.6% from 2018.
- The top 5 largest spenders in 2019 were: United States ($732 billion), China ($261 billion), India ( $71.1 billion), Russia ($65.1 billion) and Saudi Arabia ($61.9 billion).
- This is the first instance when two Asian states have featured among the top three military spenders.
- India spent $71.1 billion on defence in 2019 which is 2.4% of its Gross Domestic Product (GDP), rising from 4th position in 2018 to 3rd in 2019.