Global military spending tops US$2 trillion for first time

Rising trends: People look at missiles and tanks during a weapons fair in Moscow. Global military spending rose again in 2021, setting new records, researchers say. — AFP

STOCKHOLM: Global military expenditure has surpassed US$2 trillion (RM8.7 trillion) per year for the first time, and looks set to rise further as European countries beef up their armed forces in response to Russia’s invasion of Ukraine.

In 2021, countries spent a total of US$2,1bil (RM9.2bil) on their militaries, up 0.7% in real terms from the year before, according to a report released by the Stockholm International Peace Research Institute, or Sipri.