Iran slightly outspends Israel, both dwarfed by Saudi Arabia
The annual Jane’s Defense Budgets Report released on Monday is forecasting that global defense spending will increase again in 2018 to hit a post-Cold War record of $1.67 trillion.
The Jane’s Report was released by global information analyzer and distributor IHS Markit.
According to Jane’s Report, defense spending will grow for the fifth consecutive year, overtaking the previous post-Cold War record of $1.63 trillion from 2010.
Defense spending will increase by 3.3% in 2018 – the fastest rate of growth for a decade – driven by the largest annual increase in US spending since 2008. US defense spending jumped from $636.2b. in 2016 to $642.9b. in 2017.
“The increase in defense spending reflects improving economic conditions around the world, coupled with a response to continuing instability in a number of key regions,” said Fenella McGerty, principal analyst for Jane’s by IHS Markit. “However, defense spending remains lower in relation to GDP than at any time in the last 10 years.”
Over the last decade, global defense expenditures have fallen from an average level of 2.7% of GDP to 2.2%.
According to Jane’s Report, defense spending will grow for the fifth consecutive year, overtaking the previous post-Cold War record of $1.63 trillion from 2010.
Defense spending will increase by 3.3% in 2018 – the fastest rate of growth for a decade – driven by the largest annual increase in US spending since 2008. US defense spending jumped from $636.2b. in 2016 to $642.9b. in 2017.
“The increase in defense spending reflects improving economic conditions around the world, coupled with a response to continuing instability in a number of key regions,” said Fenella McGerty, principal analyst for Jane’s by IHS Markit. “However, defense spending remains lower in relation to GDP than at any time in the last 10 years.”
Over the last decade, global defense expenditures have fallen from an average level of 2.7% of GDP to 2.2%.
As reported by The Jerusalem Post