IISS Study: World Defence spending biggest in 10 years
On February 14, the International Institute of Strategic Studies released its report on Defence Spending all over the world. The report was titled “Military Balance”. According to the report, the global spending rose by 4% in 2019. This is the largest growth in 10 years.
The report also says that the Defence race between China and US has increasing alarmingly. The Military Modernization Programme in China has led to developing new hard to detect Hypersonic missiles. This has kindled US to spend alarmingly towards its Defence Programmes. In 2018-19 the United States has spent 53.4 billion USD towards its Defence Programmes.
Out of all the countries, China and US has increased the spending by 6.6%. The Europe spending has increased by 4.2%. This is the first time Europe has seen increased levels of spending since financial crisis in 2008.
US is constantly complaining that the NATO members are not contributing enough towards Defence spending. US had earlier accused Germany for not living up to the 2014 NATO pledge. According to the NATO pledge the member nation should contribute 2% of its GDP to Defence.
International Institute for Strategic Studies
The IISS is a British Research Institute that was established in 1997. The IISS was ranked the 10th best institute in the world by the Global Go To Think Tank Index. It is also the second best Defence and National Security think tank globally.
Category: Reports & Indexes Current Affairs