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Tuesday, 27 July 2021

US 'still' enjoys highest military spending in the world: Report

Ahram Online , Thursday 6 Feb 2014
Global Defence Spending
Photo of the 2013 IHS Jane's Annual Defence Budgets Review (Photo: Wall Street Journal)

The Wall Street Journal published a new study on Tuesday showing that the United States still possesses the world's hugest military budget.

The study, issued by the IHS Jane's Annual Defence Budgets Review, stated that Washington spends almost $582,424 million over its army, with China ($139,203 million) and Russia ($68 million) ranking second and third consecutively.

"US outspends next 10 countries..combined", Javier Solana, ex-secretary general of NATO and former EU high representative for common foreign and security policy, said on his Twitter account.

According to the report, defense spending "is seen inching" 0.6% higher to $1.547 trillion in 2014 as partially the cause of the "Middle East contribution" that saw the first increase in five years.

"In the top 10 of fastest-growing defense markets, six countries are from the Middle East. Besides Oman and Saudi Arabia, they are Iraq, Bahrain, United Arab Emirates and Algeria", Wall Street Journal said.

"Oman’s defense budget surged 36% to $9.3 billion in 2013 compared to the previous year, while Saudi Arabia boosted its military spending by 19% to $42.9 billion in 2013, the largest rise for the kingdom since 2007".

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