A closely watched global defense report says 2014 will see the first overall increase in worldwide military spending in five years, led by increases in the Middle East, Russia and Asia.
2013 Defense Budgets
United States: $582,424 million
China: $139,203 million
Russia: $68,887 million
Britain: $58,854 million
Japan: $56,842 million
France: $53,091 million
India: $46,183 million
Germany: $44,688 million
Saudi Arabia: $42,858 million
South Korea: $31,561 million
The annual IHS Jane's Defense Budget Review
says it expects total global defense spending to reach $1.547 trillion this year, a 0.6 percent increase from the previous year.
adds that in 2013, four of five fastest-growing defense markets were in the Middle East, led by Saudi Arabia and Oman.
Elsewhere, a continued military buildup in Russia moved it past Great Britain and into third place on the overall list, which is topped by the United States and China.
The report says military spending in Russia, Asia and the Middle East will continue to surge and drive economic recovery starting in 2016.
Some information for this report was provided by AFP.