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Defence budget in the world has surpassed $2 trillion

 In real terms, total worldwide defence budget climbed by 0.7 percent in 2021, reaching $2113 billion. According to new statistics on global military budgets released today by the Stockholm International Peace Research Institute, the five greatest expenditures in 2021 were the United States, China, India, the United Kingdom, and Russia, accounting for 62 percent of expenditure (SIPRI).

Defence budget reaches new highs in the second year of the pandemic: In 2021, global military budgets reached highest value of all time $2.1 trillion. It was the seventh year in a row that expenditure grew.

 

'World military budget touched historic levels even during the economic consequences of the Covid-19 outbreak,' stated Dr Diego Lopes da Silva, Senior Researcher with SIPRI's Military Expenditure and Arms Production Programme. 'Inflation caused a decrease in the rate of real economic growth.' Military budget, on the other hand, increased by 6.1 percent in nominal terms.'

The worldwide military overload military budget as a proportion of world's gross domestic product (GDP)—fell down 0.1 percent in 2021 as a result of a fast economic rebound, from 2.3 percent in 2020 to 2.2 percent in 2021.

 

The US prioritizes army research and innovation:

 

In 2021, US defence budget was $801 billion, down 1.4 percent from 2020. Military spending in the United States fell marginally from 3.7 percentage of Gdp in 2020 to 3.5 percent in 2021.

Between 2012 and 2021, US investment for military research and development (R&D) increased by 24%, while budget for arms purchase declined by 6.4 percent. Spending on both fell in 2021. However, the decrease in R&D investment (–1.2%) was less than the decrease in arms acquisition cost (–5.4%).

 

'The rise in R&D investment from 2012 to 21 implies that the US is concentrating more on the next technology,' says the report. Alexandra Marksteiner, a researcher with SIPRI's Military Expenditure and Arms Production Programme, echoed this sentiment. 'The US government has emphasized the need of maintaining the US military's technical advantage over strategic adversaries on several occasions.