11 Apr '11, 2am

Global military spending growth slowest since 2001

Global military spending growth slowest since 2001

STOCKHOLM: Growth in global military spending slowed to its lowest level since 2001 last year as the world economic crisis hit defence budgets, Swedish think-tank SIPRI said Monday. World military spending rose only 1.3 per cent in 2010 to $1.63 trillion (1.14 trillion euros), after average annual growth of 5.1 per cent between 2001 and 2009, the Stockholm International Peace Research Institute (SIPRI) said as it released its latest report on international military expenditures. "In many cases, the falls or slower increase represent a delayed reaction to the global financial and economic crisis that broke in 2008," the group said in a statement. The United States significantly slowed its military investments last year but remained by far the biggest defence spender in the world and still accounted for almost all of global growth. US defence spending grew by only 2.8 per ce...

Full article: http://www.channelnewsasia.com/stories/afp_world/view/112...

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