The world navy expenditure reached $2,113 billion in 2021, a report by SIPRI – an impartial worldwide institute conducting analysis on conflicts, armaments, disarmament and arms management, claimed on Tuesday. The United States was the chief on the board with a navy expenditure of $801 billion, adopted by China which spent $293 billion. These countries accounted for 38 per cent and 14 per cent of the world share.
India was the third highest with its spending touching $76.6 billion final year, up by 0.9 per cent from 2020 and by 33 per cent from 2012.
The SIPRI analysis additional revealed that the highest 5 countries with essentially the most navy expenditure on this planet accounted for $1,305 billion of the cumulative $2,113 billion final year. Meanwhile, the spending by the highest 15 nations touched $1717 billion, accounting for 81 per cent of the worldwide share.
Also, Iran has been ranked within the high 15 for the primary time in 20 years because the nation elevated its expenditure by 11 per cent in 2021.
The report comes at a time the world is grappling with the results of the (*15*)-Ukraine conflict that has been ongoing for greater than two months now.
The SIPRI findings, nonetheless, state that the financial results of the Covid-19 pandemic didn’t pose a hurdle to the upward motion in world navy spending since 2015.
“As a result of the strong economic recovery across the globe in 2021, world military spending as a share of world GDP reached 2.2 per cent, down from 2.3 per cent in 2020. Average military spending as a share of government expenditure in 2021 remained the same as in 2020, 5.9 per cent,” the report stated.
Here’s an inventory of the highest 15 countries within the SIPRI world navy expenditure 2021 as per its respective figures and proportion of world share:
1. The US ($801 billion, accounting for 30%)
2. China ($292 billion, accounting for 14%)
3. India ($76.6 billion, accounting for 3.6%)
4. The UK ($68.4 billion, accounting for 3.2%)
5. (*15*) ($65.9 billion, accounting for 3.1%)
6. France ($56.6 billion, accounting for two.7%)
7. Germany ($56 billion, accounting for two.7%)
8. Saudi Arabia ($55.6 billion, accounting for two.6%)
9. Japan ($54.1 billion, accounting for two.6%)
10. South Korea ($50.2 billion, accounting for two.4%)
11. Italy ($32 billion, accounting for 1.5%)
12. Australia ($31.8 billion, accounting for 1.5%)
13. Canada ($26.4 billion, accounting for 1.3%)
14. Iran ($24.6 billion, accounting for 1.2%)
15. Israel ($24.3 billion, accounting for 1.2%)