Global Military Spending Booming: The Economist

Global military spending, now at US$1.8 trillion, is set to keep rising as superpowers like the United States and China upgrade their arsenals to respond to geopolitical tensions. The US budget expands, reaching 36 percent of the worldwide military expenditure in 2018. While China’s spending does not approach the exorbitant US numbers, it has risen rapidly under Xi Jinping, especially for the navy. India, South Korea and Japan have responded with their own budget increases, and Asian military spending is now 28 percent of the world’s military expenditure. Elsewhere, European spending has increased, while spending in Africa, Russia, and the Middle East has fallen. – YaleGlobal