Global Defense Spending Rises for First Time in 5 Years

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.

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.

The report 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.

VOA News / Feb. 05, 2014 08:11 KST