After five straight years of growth, global defense spending is expected to decline in the coming years as nations deal with the economic fallout of the coronavirus pandemic, analysts say.
In 2019, global defense spending topped $1.9 trillion, according to the Stockholm International Peace Research Institute’s latest tally. The U.S. represents 38 percent of the world’s defense expenditures and with China, the two superpowers account for 52 percent of the world’s defense spending. But because of COVID-19, experts anticipate a shift government spending worldwide toward domestic projects and away from weapons and the military.Read More…
