The Stockholm International Peace Research Institute (SIPRI) explained that global military spending exceeded $2 trillion annually for the first time, noting that it is set to rise further as European countries strengthen their armed forces, in response to Russian military operations in Ukraine.
The institutes report issued today stated that countries spent $2.113 trillion on their armies in 2021, an increase of 0.7 percent over the previous year, pointing out that military expenditures increased for the seventh consecutive year after a significant period of decline between 2011 and 2014.
In the midst of Russia's military operations in Ukraine, several European governments have pledged to adjust spending to enhance the capabilities of their military forces.
European spending in 2021 accounted for about 20 percent of the global total, while China's defence budget is estimated to be the second largest in the world at 14 percent.
The United States remains the largest spender, as Washington allocated $801bn to the armed forces in 2021.
