24/7 Wall Street: Countries With the Fastest Growing and Shrinking Militaries
The United States military remains the largest force on the planet. The superpower’s 2016 military expenditure of $611 billion was equivalent to approximately 36% of all global military spending. U.S. military spending was also up 1.7% from 2015, the first increase after five consecutive years of decline. A number of other countries substantially increased their military budgets last year, while a number of others cut spending substantially.
The world’s nations spent $1.67 trillion on their militaries in 2016, up slightly from 2015. Based on annual military expenditures estimated by the Stockholm International Peace Research Institute (SIPRI), 24/7 Wall St. reviewed the 15 countries with the largest one-year military expenditure increases and declines.
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Update #1: US upped military spending, Asian militarization accelerated in 2016: Report (CNBC)
Update #2: Russia boosts military spending despite sanctions: study (AFP)
WNU Editor: And all signs are indicating that 2017 military spending will be even greater.
