Total expenditure reports largest y-o-y increase since 2009 financial crisis

29th Apr, 2021

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A US military airfield on Iejima Island in Ie village in Okinawa Prefecture, southern Japan, on March 15, 2021, shows the multiple rocket launcher HIMARS. US forces in Japan unveiled a drill of a new operation to the media. Photo: VCG

Military expenditure worldwide rose to nearly $2 trillion in 2020, defying the economic impact of the COVID-19 pandemic, researchers said on Monday. Global military spending increased by 2.6 percent to $1.98 trillion in 2020, when global GDP shrank 4.4 percent, according to a report from the Stockholm International Peace Research Institute.

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