Global defense spending growing

Global defense spending amounted to to $1.93 trillion in 2020, marking a 1.9 percent increase from 2019, Report informs referring to Janes, the trusted global agency for open-source defense intelligence.

The growth in expenditures for the needs of the military departments was recorded for the seventh consecutive year. Back in 2010, they amounted to $1.75 trillion. Experts expect that the coronavirus pandemic will slow down the growth in the next couple of years. The consequences will be noticeable in 2022, but by 2030 costs will reach $2.23 trillion.

In percentage terms, Europe’s military spending power grew the most in 2020, with funding 5.6 percent higher than the previous year. But in absolute terms, North America is out of competition, accounting for 40 percent of the funds. North America is followed by the Asia-Pacific region countries (28 percent) and Western Europe (15 percent).

Russia and the CIS countries account for 2 percent of global defense spending (3 percent in 2010), as much as Eastern Europe. The Middle East and North Africa share is 9 percent, and Latin America is 3 percent. Sub-Saharan Africa accounts for only 1 percent.

In 2030, Janes believes the balance will shift significantly towards the Asia-Pacific region. Overall, the region will account for 37 percent of the global defense spending, while North America will account for 33 percent.