It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
STOCKHOLM: Global military spending blasted past the trillion dollar mark in 2004, with the United States alone accounting for nearly half of the total because of its "war on terror", the Stockholm International Peace Research Institute (SIPRI) said on Tuesday. Military spending reached 1.035 trillion dollars in 2004, or 162 dollars for every inhabitant of the earth, up from 956 billion dollars in 2003, it said in its annual report. In real terms, spending was just marginally below what it was at the height of the Cold War in the late 1980s. American military spending rose rapidly between 2002 and 2004 as a result of massive budgetary allocations to fight "the global war against terror", primarily in Iraq and Afghanistan, SIPRI noted. "The main explanation for the current level of, and trend in, world military spending is the spending on military operations abroad by the US, and to a lesser extent, by its coalition partners," it said. Washington alone outspent the entire developing world in military goods, accounting for 47 per cent of the worldwide figure. But the high financial burden shouldered by the Bush administration may simply be the price for having opted to fight its war in Iraq with little institutional backing, especially from the UN, SIPRI said.