Global defence spending reaches a whopping US$1.57 trillion

London

ESCALATION of global terrorism, security fears, persistent Middle Eastern wars and military expansionism have raised global defence spending to a fearsome US$1.57 trillion.

The latest annual Jane's Defence Budgets Report calculates that global defence expenditure on weapons, security and other equipment rose by only one per cent in the past year; but Fenella McGerty, a Jane's analyst, forecasts steeper growth in the next decade.

The US defence budget of US$622 billion represents about 40 per cent of the total global defence budget. Since 9/11, over US$9.35 trillion has been allocated to the US defence budget, Jane's estimates. Middle East spending continues unabated because of present and fears of future conflicts. The next biggest spenders are China (US$191.8 billion), the United Kingdom (US$53.8 billion), India (US$50.7 billion), Saudi Arabia (US$48.7 billion) and Russia (US$48.4 billion), with France and Japan at similar levels. Iran, which is intensely involved in Middle Eastern wars, is not liste…