Worldwide military spending held strong at $1.7 trillion dollars in 2011, despite the lingering global financial crisis. With US arms spending on the slide, Russia and China are on the rise.
The data released by The Stockholm International Peace Research Institute [SIPRI] shows that despite the astronomical global arms outlays for last year, the great recession halted a decade-long trend in increased military spending.
While the United States remains by far the world’s biggest spender with a defense budget of US$711 billion dollars, its military spending decreased by 1.3 per cent from the previous year.
That trend is only likely to continue, as the Pentagon is expected to make $478 billion in cuts over the next decade.
China for its part held the second spot at $143 billion dollars, a 6.7 per cent increase from 2001.