Global defense spending in 2018 is expected to reach the highest levels recorded since the end of the Cold War. The $1.67 trillion would be a 3.3 percent increase over 2017 levels, the highest year-on-year growth in over a decade. In revealing IHS Jane’s forecasts, Fenella McGerty, a principal analyst at the company, said: “The increase in defense spending reflects improving economic conditions around the world, coupled with a response to continuing instability in a number of key regions.” That a growing global economy is the primary force behind increased military spending is substantiated by McGerty’s observation that “defense spending remains lower in relation to GDP than at any time in the last 10 years.” In fact, over the last decade global defense spending has dipped to an average of 2.2 percent of GDP, down from 2.7 percent.
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