Global arms spending hits $1.5 trillion record despite downturn

WORLDWIDE military spending surged to a record $1.5 trillion last year, defying an economic downturn caused by the global financial crisis, a leading think tank said yesterday.

In its 2010 yearbook the Stockholm International Peace Research Institute (SIPRI) said spending between 2008 and 2009 grew 5.9%, with the United States accounting for more than half of that increase.

“The far-reaching effects of the global financial crisis and economic recession appear to have had little impact on world military expenditure,” the think tank said. “Although the USA led the rise, it was not alone. Of those countries for which data was available, 65% increased their military spending in real terms in 2009.”