Global arms spending hits record despite downturn
2010 06 03

By Niklas Pollard | YahooNews.com


Worldwide military spending surged to a record $1.5 trillion last year, defying an economic downturn caused by the global financial crisis, a leading think tank said on Wednesday.

Military spending last year rose 5.9 percent in real terms compared to 2008 with the United States accounting for more than half of that increase, the Stockholm International Peace Research Institute said in its annual report on arms spending.

"The far-reaching effects of the global financial crisis and economic recession appear to have had little impact on world military expenditure," the think tank said.

"Although the USA led the rise, it was not alone. Of those countries for which data was available, 65 percent increased their military spending in real terms in 2009."

Global gross domestic product (GDP) suffered a rare contraction last year, shrinking 0.9 percent according to the Organization for Economic Co-operation and Development, as the financial crisis sent economies across the world into recession.

SIPRI, which conducts independent research on international security, armaments and disarmament, said the rise in spending reflected the mild economic slowdown for some major purchasers, such as China, but also longer-term strategic aims.

"Many countries were increasing public spending generally in 2009, as a way of boosting demand to combat the recession. Although military spending wasn’t usually a major part of the economic stimulus packages, it wasn’t cut either," said Sam Perlo-Freeman, head of SIPRI’s Military Expenditure Project.

"The figures also demonstrate that for major or intermediate powers such as the USA, China, Russia, India and Brazil, military spending represents a long-term strategic choice which they are willing to make even in hard economic times."

DEFICITS COULD WEIGH

U.S. military spending, burdened by huge costs for operations in Iraq and Afghanistan, rose 7.7 percent in real terms to hit $661 billion, more than six times as much as China, the second biggest spender ahead of France, Britain and Russia.

But China’s rise as a global military power becomes clearer when viewed over the past decade. During that period its military spending has surged 217 percent compared to a 76 percent rise for the United States and an increase of 49 percent globally.

The economic crisis severely strained public finances in many countries, not least in southern Europe, and the daunting task of cutting gaping budget deficits might hold back arms spending in the coming years, the think tank said.

"For many countries, the need to cut deficits will mean a reckoning in 2010 or 2011, in which military spending will likely be one area that comes under scrutiny for potential cuts," SIPRI said in the report.

"For others, however, this reckoning may be delayed, or may not come at all. In the USA, the Obama administration’s budgets for financial years 2010 and 2011 show U.S. military spending -- boosted by the escalating conflict in Afghanistan -- continuing its seemingly inexorable rise -- crisis or no."

Article from: news.yahoo.com



Related Articles
War Without End: Leaving Afghanistan Not An Option
US toll reaches 1,000 deaths in Afghanistan war
North Korea warns of war if punished for ship sinking, "all-out war"
British Journalist and ClimateGate Vanguard - Climate Change Debate as ‘Important’ as World Wars
Pakistani Taliban say America will "burn" (Playing their roles to achieve a new war theatre?)
Iran says it warned off U.S. plane near manoeuvres
The Global Economic Crisis, The Great Depression of the XXI Century
Confessions of An Economic Hit Man - What Really Goes on Behind Global Affairs (Video)
The CIA’s Operations & U.S. Economic Interests (Video)
Instead of Fixing the Economy or Creating Jobs, Obama Will Spend The Money in Afghanistan and Iraq
Gun Slingers: Arms sales around the world (Image)
Military Industrial Complex Biometric Surveillance Control Grid Revealing Itself


Latest News from our Front Page

VOTER FRAUD: Was the Scottish Independence Referendum Rigged to Fail?
2014 09 20
Was voter fraud committed during the Scottish Independence referendum? It has been confirmed that the names of 10 people were already crossed off a voter list prior them voting inside a polling station. According to reports, the Glasgow City Council confirmed that there were ten cases of suspected electoral fraud occurring at polling stations following the Scottish referendum vote on the 18th. ...
Scandinavians Split Over Syrian Influx
2014 09 20
This exemplifies the insanity of Scandinavia. The narrow victory of the left-leaning Social Democratic Party in Sweden’s elections last Sunday marked a broad shift in its politics. But a new coalition government is unlikely to reconsider one of the country’s most challenging policies: its response to the Syrian civil war. Sweden has taken an open-door approach to people fleeing the conflict, ...
The Israel lobby in United Kingdom - Who Runs Britain?
2014 09 20
Who runs British politics? Who in Britain supports all the wars the UK has been involved in? The Israel Lobby in the UK - Full Documentary By Peter Oborne from Dispatchees Links from Youtube: Zionist attack on western civilization Reed Douglas - The Controversery of Zion Source: youtube.com The cowardice at the heart of UK relationship with Israel Close friends and allies: Prime Minister David Cameron ...
Another Palestinian Mass Grave Discovered, Evidence of Massacre
2014 09 20
Another mass grave discovered, evidence of 1948 Judaic holocaust by bullets, knives and bludgeons against Palestinians. The Israeli military admits to have been surprised by the abilities of Palestinian resistance fighters during its recent war on the Gaza Strip. A top Israeli military official says he’s impressed by the training of Palestinian resistance fighters from Hamas and the Islamic Jihad groups. He ...
Russian Media to be owned by Russians
2014 09 20
Comment: Russian media by and for Russians? Wow, revolutionary! I guess they are stick of foreign oligarchs and zionist with dual citizenship. Duma seeks limits on foreign ownership of Russian media companies A group of opposition lawmakers have prepared a bill that orders Russian mass media companies to have at least 80 percent of their stock held by Russian investors. The bill is backed ...
More News »