[News Today] WHO SPENT THE MOST ON DEFENSE AND MILITARY IN 2016 ? LATEST REPORT

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[News Today] WHO SPENT THE MOST ON DEFENSE AND MILITARY IN 2016 ? LATEST REPORT
INTRODUCTION:
According to the latest report published by the Stockholm International Peace Research Institute (SIPRI), countries around the world are spending ever more money on weapons.
According to the report, global defense spending has gone up for the first time since 2011.
Countries around the world spent a total of $1.68 trillion (1.56 trillion euros) on arms in 2016. This amount is equivalent to 2.2 per cent of the global gross domestic product (GDP) or $227 per person.

The 15 largest spenders account for 81 per cent, of total global spending.
Interestingly, the 2 largest spenders, USA and China account for 49% of total global spending.

Let us analyze the top 5 spenders.

UNITED STATES
US still dominate the space and on a grand scale, the report showed – yet again – that U.S. military spending easily dwarfed the rest of the world. Total US military expenditure of $611 billion is over one-third of world military expenditure. This is nearly 3 times the level of China’s spending, which is ranked second .US military spending grew by 1.7 per cent between 2015 and 2016, the first increase after 5 consecutive years of decline.
F-35 Joint Strike Fighter and Ballistic Missile Defense (Aegis, THAAD, PAC-3) has been the major areas of expenditure.

CHINA

China has maintained a strong military push in the last decade. This has not changed in 2016 and with the communist part firmly in control, the trend is expected to remain same. The South China Sea dispute, US’s pivot to Asia policy and more assertive Japan and India, has kept China on its toes. From building its first aircraft carrier to its 5th generation fighter, China is making good strides in transforming its armed forces to a more lethal fighting force.

RUSSIA

President Putin has been pushing for the modernization of Russian armed forces.
As a result of an unexpected increase in Russia’s military expenditure in late 2016 and large cuts to Saudi Arabia’s military budget, Russia moved above Saudi Arabia to the position of third largest spender in 2016.
Russia has been putting its efforts on developing asymmetric capabilities like designing the 1st hypersonic cruise missile in the world.

SAUDIA ARABIA

Saudi Arabia decreased its military expenditures in 2016. After increasing its military spending from 9 % of GDP to more than 13 % in 2015, the kingdom’s spending decreased to around 10 percent of GDP in 2016.
80% percent of Saudi Arabia’s income is derived from oil. With falling oil prices, there were budget cuts across the board and military expenditure was not an exception.
Saudi Arabia has been importing lot of hi-tech equipment like Euro Fighter Typhoon and apache helicopters.

INDIA
India moved from 7th to 5th place after its largest annual spending increase since
2009. This is the first time; India has made it to top 5 list. With eye on China and Pakistan, India has been ramping up its military assets. Spending was made to acquire new capabilities as well as to maintenance of present assets. In this period India successfully test fired the Agni 5 ballistic missile and deployed INS Arihant nuclear powered ballistic missile submarine, two of its most potent deterrence.

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