Asia Arms Itself in Global Defense Shift
Asia Arms Itself in Global Defense Shift
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Military spending is on the rise worldwide — especially in Asia.
With geopolitical tensions simmering across the region, the weight of global defense outlays is “clearly shifting” toward the Asia-Pacific, as well as the Middle East, according to a new report from the Stockholm International Peace Research Institute. Worldwide, they rose slightly to $1.7 trillion last year, or roughly 2.2 percent of global GDP.
While the U.S., China, Saudi Arabia and Russia remain the biggest buyers, the world’s top five has a surprising new entrant: India.
Driven partly by strategic rivalries with China and Pakistan, New Delhi’s spending increased 5.5 percent in 2017 from 2016 to reach $63.9 billion. But that doesn’t exactly mean India is fielding advanced weapons along its borders. In fact, most of the boost is being eaten up by sprawling personnel costs, as well as a reliance on expensive arms imports.
Even so, with Indian Prime Minister Narendra Modi meeting Chinese President Xi Jinping recently to try and minimize the chance of a border standoff like the one last year in the Himalayas, it may allow India to focus more on diplomacy than flexing its military muscle.
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What to watch
— The European Commission will unveil its proposal for the EU’s 2021-2027 budget framework today, urging reductions in farm and regional aid in favor of more security spending and seeking greater contributions from members to fill the hole caused by Brexit.
And finally ... China’s push to cleanse its internet of unsavory elements has claimed an unlikely victim, with thousands of videos of children’s program “Peppa Pig” reportedly culled from a video app. It’s not the first time cartoons have been caught up in Chinese censorship. In February, Winnie the Pooh was temporarily banned after commentators used the character in posts as a stand-in for President Xi Jinping.
--With assistance from Kathleen Hunter
To contact the editor responsible for this story: Ruth Pollard at rpollard2@bloomberg.net, Michael Winfrey
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