Global military spending in 2020 reaches record levels despite the impact of the new coronavirus (CCP) outbreak and the ensuing recession, partly due to the expansion of the CCP navy, the U.K.’s International Institute for Strategic Studies (IISS) said today.
The International Institute for Strategic Studies (IISS) said global military spending in 2020 amounts to $1.8 trillion, 3.9 percent higher than the 2019 global military spending figure in real terms.
The International Institute for Strategic Studies mentioned that the U.S. will remain the top global military spender in 2020, totaling $738 billion, or 40 percent of global military spending. The Chinese Communist Party will spend $193.3 billion in 2020, accounting for 10.6 percent of global military spending.
The International Institute for Strategic Studies (IISS) emphasized that the Chinese Communist Party’s military expansion and significant growth in its naval fleet is due in part to Beijing‘s ambitions in the South China Sea.
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