UN Secretary General released a report titled “The Security We Need: Rebalancing Military Spending for a Sustainable and Peaceful Future”.

• The report emphasizes on recalibrating global approaches to security and development, reversing the dual trends of rising military expenditure and widening development financing gaps.  

Key Highlights of Report

• Global Military Spending: It hit $2.7 trillion last year (according to SIPRI), and is projected to reach $6.6 trillion by 2035 if current trends persist. 
  • During 2022-2025, its share has risen from 2.2% to 2.5% of world’s GDP and from 6.6% to 7.1% of government budgets. 
  • China, India, Russia, USA and the European Union account for over 70% of military expenditure.
• Financing imbalance: Development financing has not kept pace with rising military expenditures even as annual financing gap for SDGs widens to $4 trillion. s
• Impact of Rising Military Spending: Exacerbates geopolitical tensions, fuels arms races and increases risks of conflict.
  • It is also crowding out resources essential for SDGs like poverty reduction, education, health etc.
  • It is expected to add to already high levels of public debt, disproportionately affecting fragile states and poorest countries.