LONDON, 14 FEB – The global defense spending has increased to US$2.2 trillion in 2023. According to the International Institute for Strategic Studies (IISS), this represents a 9 percent increase compared to the previous year’s figure.
This increase in spending is driven by the conflict in Ukraine and power struggles between the United States and China.
A similar trend is observed in the Asian region.
“Over the past 10 years in Asia, we have seen defense spending rise in line with economic growth.
“In recent years, we have seen strategic factors come into play.
“This underscores the need for increased spending to maintain regional security and particularly to counter China’s influence,” said Fenella McGerty, Senior Defense Economist at IISS, during the live launch of the annual Military Balance report yesterday.
The power struggle between the United States and China in Asia is a contributing factor to the increase in military spending in the region. Additionally, current developments in the South China Sea and the Korean Peninsula are driving changes in regional security.
Meanwhile, IISS Director-General and Chief Executive Bastian Giegerich stated that they anticipate the trend of defense spending to continue to rise this year.
According to him, this is driven by the increasingly deteriorating global security landscape.
“This factor led to an increase in global defense spending last year,” he said in his remarks. – airtimes.my
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