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.
Policy Recommendations by UN Report
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