Austerity Ends 13-Year Rise in Global Military Spending
April 16, 2012
Budget cuts by wealthy western countries has ended a 13-year run of rising military spending in the world, despite big increases by China and Russia, a study released on Tuesday said.
"The after-effects of the global economic crisis, especially deficit-reduction measures in the USA and Europe, have finally brought the decade-long rise in military spending to a halt - at least for now," said one of the report's authors, Sam Perlo-Freeman of the Stockholm International Peace Research Institute SIPRI.
The world spent $1.74 trillion (1.09 trillion pounds) on the military in 2011, up from 1.63 trillion the previous year but unchanged in real terms taking exchange rates and inflation into account, the report said.