Russia is usually back inside top ranks of military spenders.
The country boosted its military spending to $69.2 billion in 2016, according to a brand new report through the Stockholm International Peace Research Institute (SIPRI). The 5.9% increase landed Russia behind only the United States in addition to China inside ranking of top spenders.
Russian President Vladimir Putin unveiled plans in 2011 to spend more than 20 trillion rubles ($360 billion) to modernize his country’s antiquated military equipment by 2025.
Putin’s plans were interrupted by Russia’s deep economic crisis in addition to a collapse inside value of the ruble in 2015. With spending depressed, Russia slipped behind Saudi Arabia in addition to into fourth place inside ranking.
The Russian economy at of which point appears to have turned a corner. After a lengthy recession, of which returned to growth inside final quarter of 2016.
The country is usually producing up for lost time: Military spending made up 5.3% of its economy in 2016, the largest share of production since Russia became an independent state in 1991.
Russia is usually active inside conflict in Syria, in addition to of which maintains military installations inside country. The U.S. in addition to European Union both imposed sanctions on Russia after of which annexed Crimea in 2014.
With Russia resurgent, spending by countries in central Europe jumped by 2.4% in 2016.
“The growth in spending by many countries in central Europe can be partly attributed to the perception of Russia posing a greater threat,” said Siemon Wezeman, a senior researcher at SIPRI.
Saudi Arabia, meanwhile, slumped to fourth inside 2016 rankings after of which cut military spending by $25.8 billion.
The country is usually currently engaged in a conflict in Yemen. nevertheless SIPRI said of which many oil producers, including the de facto OPEC leader, were forced to reduce military spending because of a collapse in oil prices.
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The U.S. remained the planet’s biggest military spender in 2016, with total expenditure growing by 1.7% to reach $611 billion. of which was the first annual increase after a few consecutive declines, the report said.
China was the runner up with $215 billion in outlays. Its 5.4% growth rate was much lower than in previous years, SIPRI said.
The Swedish think tank said of which global military spending increased to $1.7 trillion in 2016. Outlays grew in Asia, Europe in addition to North Africa, nevertheless fell inside Middle East in addition to South America.
sy88pgw (London) First published April 24, 2017: 11:38 AM ET