Global defense spending has grown steadily since 2014 and reached $ 1.9 trillion in 2020, Janes analysts calculated. Experts expect a slight decrease in costs in 2021
In 2020, global defense spending grew by 1.9%, analysts at Janes, an open-source defense data analyst, estimated. The total expenditures in the past year amounted to $ 1.93 trillion, in 2019 they amounted to $ 1.8 trillion. In 2010, expenses were $ 180 billion less than last year.
In 2020, the largest growth in spending was shown by European countries – they were 5.6% higher than a year earlier. In 2021, growth in spending will slow down slightly, analysts say. The slowdown in defense spending this year will come from the fallout from the COVID-19 pandemic, but the decline will be limited to regions dependent on the export of commodities such as oil, and will be offset by an increase in regions where strong growth is still expected, the report said. (at the disposal of RBC).
“Since all regions except Europe, Asia Pacific and Latin America are likely to make real cuts in 2021, overall defense spending growth will fall to its lowest level since 2013 ($ 1.53 trillion – RBC) The biggest funding impact of the COVID-19 pandemic is likely to occur in 2022, when governments begin to curb spending, ”said lead Janes analyst Andrew MacDonald, quoted by the agency. According to him, positive growth will continue mainly due to Asia, and after the crisis years, growth in defense spending is likely to accelerate again, so analysts predict spending at $ 2.23 trillion by 2030.
Asian countries will become one of the main sources of growth. If in 2010 the countries in this region accounted for 20% of all expenses, then by 2028 it will be about 35%, experts suggest Janes.
According to the latest available data from the Stockholm International Peace Research Institute (SIPRI), the share of Russian companies among the world’s 25 largest arms manufacturers was 3.9% (in 2019). In the same year, Russia returned to the top five countries that spend the most on defense – Moscow spent $ 65.1 billion on military spending, the Stockholm Peace Research Institute (SIPRI) said in a report. The top five were led by the United States, followed by China, India, Russia and Saudi Arabia.