14 April 2014

Russia boosts military spending | RallyPoint.com

Military News - Russia boosts military spending

Image Copyright: Alexei Nikolsky / AFP via Getty Images

By Malin Rising
Copyright: The Associated Press

STOCKHOLM — For the first time in 10 years, Russia last year spent a bigger share of its overall economy on arms investments than the U.S. as it seeks to bolster its military capability, a Swedish arms watchdog said Monday.

The Stockholm International Peace Research Institute said Russia increased its military spending in 2013 by 4.8 percent to $87.8 billion, representing 4.1 percent of its gross domestic product. Meanwhile, global military spending fell by 1.9 percent in 2013 to $1.7 trillion, as many Western countries cut arms investments following the financial crisis.

SIPRI program director Sam Perlo-Freeman told The Associated Press the increase in Russia is in line with the country’s 2011-2020 State Armaments Plan that aims to spend over $700 billion on modernizing Russia’s military equipment, technology and industry.

Read More

No comments:

Post a Comment