Global defence spending reaches a whopping US$1.57 trillion
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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.
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