Monday, March 1, 2021

Global Defense Spending Continues To Grow

Fenella McGerty, IISS: Global defence-spending on the up, despite economic crunch 

Notwithstanding the coronavirus pandemic and subsequent 3.5% contraction in global economic output in 2020, global defence-spending was resilient with real growth matching the higher rate achieved in 2019. However, even with a potential uplift in European spending, this increase could slow in 2021 as the defence budget of the United States flattens and growth in Asia-Pacific slows. 

Global defence spending reached US$1.83 trillion in 2020, a 3.9% annual uplift in real terms. As a proportion of GDP, global spending sharply increased from an average of 1.85% in 2019 to 2.08% in 2020 as military budgets were maintained, despite severe economic contractions caused by the coronavirus pandemic and the series of lockdowns introduced around the world in response. Global defence spending growth has strengthened since 2018 but could slow in 2021, as the US defence budget is set to flatten and Asia–Pacific spending growth is expected to slow. The increase in the US and Chinese defence budgets accounted for almost two-thirds of the total increase in global spending in 2020: the US defence budget increased by 6.3% in 2020 in real terms, while China’s growth slowed slightly to 5.2% in 2020 from 5.9% in 2019. 

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WNU Editor: Global defense spending will definitely continue to grow. Even if there is a slowdown in US defense spending.

5 comments:

Anonymous said...

Maybe generals should be overtly political. They covertly are.

To get promoted to flag rank congress critters begin to feel them out. Very partisan congress critters with axes to grind. So wanna be flag officer a critters have a little dance routine, where each side cops a feel.

You can only be coquettish for so long batting those long eyelashes. After the first or second flag rank the partisans have their flag officers picked out.

Looking at debt to GDP the military budget is going to have to take some cuts, so debts can be paid off. It is where Democrats and other always go for cuts. Democrats don't have overall cuts. They cut the military and shift the money over to welfare. This s no lie Look at sequestration. The military budget did not grow with inflation under Obama under is deal with sop Paul Ryan, but the overall budget grew.

What we need is Trump or Trump policies to grow the economy.

Or we can watch hoverer Jill and others wreck the currency and welcome double digit inflation for a decade.



Anonymous said...

What is needed with de rigueur pie charts showing spending is purchasing power parity baked in the charts and a comparison of ships planes, artillery, tanks and other platforms.

Also, there should be mention of defense commitments and a comparison of forces to a list of potential/current enemies.

The pie chart should not stand alone. It should be part of a dashboard. But given time the MSM will find a a way to make glossy graphics of a dashboard and still lie. Most of what the media puts out is a HJ.

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