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Worldwide Military Expenditure Hits All-Time High In 2022: SIPRI

Context:

Key takeaway from the latest data published by the Stockholm International Peace Research Institute (SIPRI), a leading global security think tank.

Relevance:

GS II: International Relations

Dimensions of the Article:

  1. About SIPRI
  2. Key points
  3. Factors driving military spending
  4. Impact of spending
  5. Conclusion

About SIPRI

  • Stockholm International Peace Research Institute (SIPRI) is an independent international think-tank institute dedicated to research into conflict, armaments, arms control and disarmament.
  • It was established in 1966 at Stockholm (Sweden).
  • It provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public.

Key points

  • Countries around the world are spending record amounts on their militaries.
  • Stockholm International Peace Research Institute (SIPRI) reports a year-on-year jump of 3.7% in worldwide military expenditure for 2022.
  • This marks an all-time high and follows several years of continuously higher spending.

Factors driving military spending:

  • Inflation, Russia’s war on Ukraine, and US efforts to outpace China are major factors driving military spending.
  • Defense outlays among NATO members have been going up since 2014 due to Russia’s attack on Ukraine.
  • Russia may be a flop on the battlefield, but it could still be a potent adversary in cyberspace and maintains a considerable nuclear arsenal.
  • Higher military spending is seen as a sign of deterrence to Russia.

Impact of spending:

  • The spending spree may not be as pronounced as headlines and policymakers sometimes make it out to be.
  • While actual spending is up, as a share of GDP it is 0.1% lower than it was in 2013.
  • The discrepancy suggests economic expansion has outpaced national budgets in areas such as defense, even if dollar figures can appear eye-popping.
  • Rapid, record inflation has forced governments to spend more just to keep up.
  • Inflation has also been a political problem in Germany, which pledged an additional €100 billion for its armed forces in response to Russian aggression.

Conclusion:

  • Worldwide military spending has hit an all-time high due to inflation, Russia’s war on Ukraine, and US efforts to outpace China.
  • Defense outlays among NATO members have been going up since 2014 due to the Russian threat.
  • While actual spending is up, as a share of GDP it is 0.1% lower than it was in 2013, suggesting economic expansion has outpaced national budgets in areas such as defense.

-Source: Indian Express


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