World military expenditure totalled $1.8 trillion in 2014, a fall of 0.4 per cent in real terms since 2013, according to figures released today by Stockholm International Peace Research Institute (SIPRI).
World military spending, while falling for the third year in a row, has levelled off as reductions in the United States and Western Europe were largely matched by increases in Asia and Oceania, the Middle East, Eastern Europe and Africa. Spending in Latin America was virtually level.
US military spending fell by 6.5 per cent* as part of ongoing budget deficit reduction measures; spending has now fallen by 20 per cent since its peak in 2010. However, current US military spending is still 45 per cent higher than in 2001, just before the 11 September terrorist attacks on the USA.
The next three highest spenders – China, Russia and Saudi Arabia – have all substantially increased their military expenditures, with Saudi Arabia’s increase of 17 per cent making it the largest increase of any of the top 15 spenders worldwide.
‘While total world military spending is mostly unchanged, some regions, such as the Middle East and much of Africa, are continuing to see rapid build-ups that are placing an increasingly high burden on many economies’, said Dr Sam Perlo-Freeman, Head of SIPRI’s Military Expenditure project. ‘These increases partly reflect worsening security situations, but in many cases they are also the product of corruption, vested interests and autocratic governance.’