By Esther Tanquintic-Misa, 14 April 2015
A study by the International Peace Research Institute, or SIPRI, has revealed that global nations had invested heavily to procure or update their military security capabilities. Arms spending have been high on the list for China,Russia and Saudi Arabia as the three countries gave off the biggest increases in defence spending in 2014. The United States, while only spending 6.4 percent less in 2014 compared from 2013, remained the world's biggest spender on defence.
In 2014, Saudi Arabia gave off the biggest percentage increase to boost its defence systems. It spent $US80.8 billion, a whopping jump of 17 percent from the previous year, SIPRI said. China was next at $216 billion, representing a jump of 9.7 percent from a year ago.Russia's jumped over 8 percent to reach $84.5 billion.
The U.S. meantime spent only $US610 billion, a drop of 6.5 percent from 2013 as well as a 20 percent decrease since 2010. The reason for the cuts is sequestration, which is rendering the loss of faith of the American soldiers. No less than President Barack Obama said U.S. spending on the military is inadequate.
Still, the SIPRI report said the military spending of the U.S. is still 45 percent higher than 2001. The US accounted for 34 percent of last year’s world military expenditure. It was followed by China at 12 percent,Russia at 4.8 percent and Saudi Arabia at 4.5 percent.
Overall, the figures are reflective of a deepening global crisis. There are Russia’s March 2014 annexation of Crimea, territorial disputes in the East China Sea and South China Sea, not to mention the Middle East crisis spurred by the heavy action against the extremists ISIS Daesh.
Global military spending, SIPRI said, reached $1.8 trillion in 2014, a drop actually of 0.4 percent from 2013. While the U.S. and western Europe slashed their spending, it was matched just the same by the increases in Asia, the Middle East, eastern Europe and Africa. In the latter, oil producers Algeria and Angola led the military spending at six percent.
[International Business Times]