The possible recession is ringing danger bells across the globe. Big tech giants and firms are going for layoffs and employees are worried about their future. On top of this, the prices of day-to-day commodities are soaring. The average money a family spends on expenses has increased massively. Even the observers are worried about the condition.
Despite the recession fear, the world nations are not shying away from spending big amounts on defense. The countries are spending billions of dollars on defense and the United States is at the top place in terms of spending on defense. Compared to 2021, the spending of the nations increased by an average of 3.7 percent. In just one decade the percentage of spendings the nations do has increased massively by 19 percent.
The Stockholm International Peace Research Institute (SIPRI) headquartered in Solna analyzed various data and made a report on how much the nations are spending on defense. Only four nations account for the major share of spending. The United States is at the top position.
In 2020, the United States spent a massive amount of $877 billion on national defense. Compared to last year the spending increased by 0.7 percent and the $877 billion it spent in 2022 accounts for around 39 percent of the money the world nations spent.
The United States, Dragon Country China, and Russia are the three largest nations in terms of spending on define. The spending of the three nations accounts for 56 percent of the world nations in 2022. India was ranked fourth on the list with an expenditure of $81.4 billion. Compared to the previous year, the expenditure increased by six percent. Saudi Arabia is in fifth place. The list was prepared based on the Budgetary spending on the Defence of the nations.
The top four nations have issues with other nations and it is no wonder that the nations are making big spending. The US is a superpower nation and it also helps other nations in tough times. When Russia waged a war against Ukraine, America sent help to the European nation and it is also a member of NATO. Russia is waging war against Ukraine.
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