STOCKHOLM, Sweden: Europe's military spending grew at a record pace in 2022, reaching a level unseen since the Cold War following Russia's invasion of Ukraine, global security researchers said on Monday.
The rise in Europe helped global military expenditures reach an eighth straight record at $2.24 trillion, or 2.2 percent of the world's gross domestic product, according to the Stockholm International Peace Research Institute .'It's driven by the war in Ukraine, driving European budget spending upwards, but also the unresolved and worsening tensions in East Asia between the US and China,' researcher Nan Tian, one of the study's co-authors, told Agence France-Presse.
The continent could 'potentially' see growth levels similar to 2022 for several years, Tian said.After declining sharply in the 1990s, global military expenditure has been on the rise since the 2000s.The upturn was initially the result of China's massive investments in its military, which was then followed by renewed tensions with Russia after its annexation of Crimea in 2014.US, China account for halfThe US alone accounted for 39 percent of global military expenditure.
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