SIPRI: world military spending will be reduced because of the pandemic
World military spending in 2020-2021 years will be reduced by the background of the economic consequences of the pandemic coronavirus, the Director of the Stockholm international Institute for peace studies (SIPRI) Dan Smith.
"In 2019, the spending reached 1.9 trillion dollars, a record high level. Most likely, it will be a peak in the 2020-2021 year, you can expect to reduce costs. How sharp will the decline, it is difficult to predict right now. This will not only depend on economic factors associated with the crisis caused by the pandemic, but also from the long-term social and political choices, which will make the government. Unfortunately, there is no reason to expect that the choice can be made in favor of drastic spending cuts," said RIA Novosti Smith.
Answering the question about possible changes in global security policy as a whole, Smith said: "the Pandemic has shown that countries can effectively cooperate in a crisis situation, the crisis should give impetus to the strengthening of international cooperation".
According to a new study, the world military spending in 2019 reached its highest level and increased by 7.2% in comparison with military spending in 2010. According to estimates by SIPRI, military expenditure as a whole amounted to 2.2% of global GDP. The top five countries with the largest military expenditure in the world in 2019, includes the United States, China, India, Russia and Saudi Arabia, which accounted for 62% of global military spending.