Maintaining strong defense is the basic need for survival of every country in today’s world. In recent year, military budget increased in most of largest armed countries while overall world spending is declining. Western Europe decreased defense expenditures sharply for stabilizing financial market. Military budgets depend on many factors sometimes regional conflicts force countries to enhance their defense strength. It’s not easy to largely increase defense spending unless GDP growth is able to afford such expansion since such expenditures put great burden on economy so it should be in well proportion to growth of population as well as economy . Significant expansion of military budget by one country contributes to tensions in the whole territory which induces other nations to expand their military budget and the process goes on. In recent era, trends of putting burden on masses for defense spending has become unpopular and direct revenue from oil trading is being used to fund such expenditure. Saudi Arabia and Russia are large oil-producers, as well as amongst the world’s largest military spenders.
Stockholm International Peace Research Institute (SIPRI) published list of world’s top military spenders in 2013. This report contains list of countries with highest defense expenditure. All statistics are given in US dollar based on exchange rates of each country’ currency. Budget allotted to maintain and strengthened the standing military is something to be added in our list while funds that add luxuries, do nothing with defense capabilities are not considered as Defense Budget. From one year to another, ranking may significantly change due to continuous fluctuations in the exchange rates. Based on SIPRI’s 2013 data, these are the countries with the largest military budgets.
|Rank||Country||SPENDING (US$ Billion) 2013|
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