The world is investing in protection: Over two trillion dollars during the past year

Global protection costs increased in 2021, reaching over $2 trillion for the first time.

The new report by the Stockholm International Institute for Peace Research says that protection costs increased by 0.7 percent last year compared to 2020, reaching $2,113 trillion.

The five biggest spenders were: The United States, China, India, Britain and Russia, says the report.

The United States represents 38 percent of military expenses, and China is 14 percent.

However, U.S. defence expenses dropped from 3.7 percent gross domestic production to 3.5 percent apparently because of increased inflation.

According to the report, Russian military expenditures increased by 2.9 percent, to $65.9 billion, or 4.1 percent gross domestic production, respectively.

The increase came at a time when Moscow was preparing for the invasion of Ukraine, the report says.

Ukraine, on the other hand, registered drop in defence spending last year to $5.9 billion or 3.2 percent of its gross domestic production.

However, the report points out, total defence spending in Ukraine has increased by 72 percent since Russia illegally annexed its Crimean Peninsula in 2014.

With all the economic consequences caused by the COVID-19 pandemic, global military spending has reached record levels”, said Diego Lopes da Silva, researcher at the Military Expenses and Weapons Production Programme near the International Institute for Peace Research.