Military Expenditure Report: SIPRI
~Preet. Despite the economic repercussions from the epidemic, global military expenditure increased in 2021, hitting an all-time high of USD 2.1 trillion, according to the most recent figures from the Stockholm International Peace Research Institute (SIPRI). As a consequence of a strong economic rebound in 2021, the worldwide military burden—global military spending as a proportion of global GDP—will fall by 0.1 percentage point, from 2.3 percent in 2020 to 2.2 percent in 2021. SIPRI is an independent international institute committed to conflict, weaponry, arms control, and disarmament research. It was founded in Stockholm in 1966 (Sweden). The top five spenders in 2021 will be the United States, China, India, the United Kingdom, and Russia. They contributed for 62 percent of total expenditure, with the United States and China accounting for the remaining 52 percent. In 2021, military spending in Asia and Oceania will equal USD586 billion. Spending in the region was 3.5 percent great