Space Industry and Business News  
MILPLEX
World military spending grows despite pandemic
by AFP Staff Writers
Stockholm (AFP) April 25, 2021

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).

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.

"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".

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.

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.

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.

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".

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.

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.

Lopes da Silva however noted that the new "Biden administration has not given any indications that it will reduce military spending."


Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


MILPLEX
Lockheed Martin And Thales Australia team up to make weapons locally
Canberra, Australia (SPX) Apr 22, 2021
Lockheed Martin and Thales Australia have finalized a teaming agreement advancing the delivery of an Australian guided weapons manufacturing capability in support of a sovereign national guided weapons enterprise. The agreement will see experienced strategic industry partners in Lockheed Martin and Thales Australia cooperate in the design, development and production of Lockheed Martin's Long Range Anti-Ship Missile - Surface Launch (LRASM SL) variant, with a specific focus on booster and rocket mo ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

MILPLEX
Accion Systems set for launch of two TILE 2 in-space propulsion systems

Radar satellites can better protect against bushfires and floods

"Molecular Tomographer" algorithm maps gene expression in space

Microsoft profits jump as cloud services keep momentum

MILPLEX
Eutelsat invests in OneWeb, future SpaceX rival

Northrop Grumman designs protected Tactical SATCOM Payload Prototype for the Space Force

Japan-Germany international joint experiment on space optical communication

Parsons awarded $250M Seabed-to-Space ISR contract

MILPLEX
MILPLEX
US Army Geospatial Center Upgrades OGC Membership to Advance Open Systems

MyGalileoSolution and MyGalileoDrone: A word from the winners

Google Maps to show more eco-friendly routes

Soyuz launch campaign for 2 Galileo satellites postponed Until November

MILPLEX
GAO: Poor planning, sustainment problems driving F-35 costs

All B-1B Lancer bombers grounded for potential fuel filter leak

B-52H bombers deploy to Guam for bomber task force mission

Boeing delivers its second F-15EX fighter plane

MILPLEX
Intel tops expectations as chip demand high

Taiwan's worst drought in decades deepens chip shortage jitters

Scientists combine light, superconductors to power large-scale AI

Fire-hit chipmaker Renesas plans full capacity by May

MILPLEX
BlackSky Increases Capacity as Latest Satellite Enters Commercial Operations

California's worst wildfires are helping improve air quality prediction

Radar satellites can better protect against bushfires and floods

Climate Has Shifted The Axis Of The Earth

MILPLEX
Toxic fluorocarbons - Not just in ski waxes

On a changing planet, NASA goes Green

UK coroner urges tough air pollution targets after girl's death

Climate change stirs ghosts of America's toxic past









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.