– Nice to know that some parts of the world’s economy are doing OK.
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STOCKHOLM – World governments spent a record US$1.46 trillion ($2.35 trillion) on upgrading their armed forces last year despite the economic downturn, with China climbing to second place behind top military spender the United States, a Swedish research group said.
Global military spending was 4 per cent higher than in 2007 and up 45 per cent from a decade ago, the Stockholm International Peace Research Institute, or SIPRI, said in its annual report.
“So far the global arms industry, booming from the wars in Iraq and Afghanistan and from spending increases by many developing countries, has shown few signs of suffering from the crisis,” SIPRI said.
However, the report added arms companies may face reduced demand if governments cut future military spending in response to rising budget deficits.
It also noted that US arms purchases – by far the highest in the world – were expected to rise less rapidly under President Barack Obama after sharp growth during the Bush Administration.
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