Global Military Expenses on Rise

UPDATE: Global outlays tops $1 trilion; Highest since Cold War peak; US accounts for neraly half.

According to the Stockholm International Peace Research Institute (SIPRI), global military expending in 2004 broke the $1 trilion barrier for the first time since the Cold War, boosted by the US war against terror and the growing defense budget for India and China.

Led by the US, wchich accounted for almost half of all military expenditures, the world spent $1.035 trilion on defense, equal to 2.6% of global gross domestic product (GDP). Besides its regular defense budget, the United States has allocated $238 billion since 2003 to fight terrorism. These appropriation now assuming as the extraordinary proportion.

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