World military spending grows despite pandemic | ABS-CBN

Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
World military spending grows despite pandemic
World military spending grows despite pandemic
Agence France-Presse
Published Apr 26, 2021 12:26 PM PHT

STOCKHOLM - Military expenditure worldwide rose to nearly $2 trillion in 2020, defying the economic impact of the Covid-19 pandemic, researchers said Monday.
STOCKHOLM - Military expenditure worldwide rose to nearly $2 trillion in 2020, defying the economic impact of the Covid-19 pandemic, researchers said Monday.
Global military spending increased by 2.6 percent to $1,981 billion (about 1,650 billion euros) in 2020, when global GDP shrank 4.4 percent, according to a report from the Stockholm International Peace Research Institute (SIPRI).
Global military spending increased by 2.6 percent to $1,981 billion (about 1,650 billion euros) in 2020, when global GDP shrank 4.4 percent, according to a report from the Stockholm International Peace Research Institute (SIPRI).
Diego Lopes da Silva, one of report's authors, told AFP the development was unexpected.
Diego Lopes da Silva, one of report's authors, told AFP the development was unexpected.
"Because of the pandemic, one would think military spending would decrease," he said.
"Because of the pandemic, one would think military spending would decrease," he said.
ADVERTISEMENT
"But it's possible to conclude with some certainty that Covid-19 did not have a significant impact on global military spending, in 2020 at least," Lopes da Silva said.
"But it's possible to conclude with some certainty that Covid-19 did not have a significant impact on global military spending, in 2020 at least," Lopes da Silva said.
He cautioned however that due to the nature of military spending, it could take time for countries "to adapt to the shock".
He cautioned however that due to the nature of military spending, it could take time for countries "to adapt to the shock".
The fact that military spending continued to increase in a year with an economic downturn meant the "military burden", or the share of military spending out of total GDP, had increased as well.
The fact that military spending continued to increase in a year with an economic downturn meant the "military burden", or the share of military spending out of total GDP, had increased as well.
The overall share rose from 2.2 percent to 2.4 percent, the largest year-on-year increase since the financial crisis of 2009.
The overall share rose from 2.2 percent to 2.4 percent, the largest year-on-year increase since the financial crisis of 2009.
As a result, more NATO members hit the Alliance's guideline target of spending at least two percent of GDP on their military, with 12 countries doing so in 2020 compared to nine in 2019.
As a result, more NATO members hit the Alliance's guideline target of spending at least two percent of GDP on their military, with 12 countries doing so in 2020 compared to nine in 2019.
SOME COVID EFFECTS
There were however indications the pandemic had affected some countries.
There were however indications the pandemic had affected some countries.
Nations such as Chile and South Korea openly decided to reappropriate military funds in response to the pandemic.
Nations such as Chile and South Korea openly decided to reappropriate military funds in response to the pandemic.
"Other countries, such as Brazil and Russia, did not explicitly say this was reallocated because of the pandemic, but they have spent considerably less than their original budget for 2020," Lopes da Silva said.
"Other countries, such as Brazil and Russia, did not explicitly say this was reallocated because of the pandemic, but they have spent considerably less than their original budget for 2020," Lopes da Silva said.
Another response, as in Hungary for example, was to increase military spending "as part of a stimulus package in response to the pandemic".
Another response, as in Hungary for example, was to increase military spending "as part of a stimulus package in response to the pandemic".
Lopes da Silva noted many countries responded to the 2008-2009 economic crisis by adopting austerity measures, but "this time around it might not be the case".
Lopes da Silva noted many countries responded to the 2008-2009 economic crisis by adopting austerity measures, but "this time around it might not be the case".
The world's two biggest spenders by far were the US and China, with Washington accounting for 39 percent of overall expenditure and Beijing for 13 percent.
The world's two biggest spenders by far were the US and China, with Washington accounting for 39 percent of overall expenditure and Beijing for 13 percent.
China's military spending has risen in tandem with its growing economy and has seen an increase for 26 consecutive years, reaching an estimated $252 billion in 2020.
China's military spending has risen in tandem with its growing economy and has seen an increase for 26 consecutive years, reaching an estimated $252 billion in 2020.
The US also increased its spending for the third year in a row in 2020, after seven years of reductions.
The US also increased its spending for the third year in a row in 2020, after seven years of reductions.
"This reflects growing concerns over perceived threats from strategic competitors such as China and Russia, as well as the Trump administration's drive to bolster what it saw as a depleted US military," Alexandra Marksteiner, another author of the report, said in a statement.
"This reflects growing concerns over perceived threats from strategic competitors such as China and Russia, as well as the Trump administration's drive to bolster what it saw as a depleted US military," Alexandra Marksteiner, another author of the report, said in a statement.
Lopes da Silva however noted that the new "Biden administration has not given any indications that it will reduce military spending."
Lopes da Silva however noted that the new "Biden administration has not given any indications that it will reduce military spending."
© Agence France-Presse
Read More:
ANC
military spending
US
China
COVID-19
COVID-19 economy
Stockholm International Peace Research Institute
ADVERTISEMENT
ADVERTISEMENT