By Shawn Greene
SHANGHAI – For the first time in five years, worldwide defense spending will increase according to IHS Jane’s Annual Defence Budgets Review.
According to the forecast, China is on track to outspend the UK, France and Germany combined by 2015, and Asia Pacific remains the only region with a steady increase in defense expenditures from 2009 onwards.
The yearly review from the U.K.-based defense analysis company tracks military expenditures in the 77 top-spending countries while making predictions about global defense budgets over the next five years.
“Asia Pacific is the only region where from 2009 onwards we have seen a steady rise in defense expenditure. Based on IHS Jane’s Defence Budgets projections, Asia Pacific’s share of global budget spending will grow to 28 percent from its current 24 percent by the end of the decade, reaching US$474 billion,” Craig Caffrey, senior analyst at IHS Jane’s Aerospace, Defence & Security said.
“If we step back to look at Asia Pacific without China, we see the region overtaking Western Europe in 2015,” Caffrey continued.
Four Asia countries – China, Japan, India and South Korea – made the top-10 list of global defense spenders.
China’s Steady Spending Increase
At the current time, China spends more on its military than any country in the world besides the United States and has been increasing its defense budget by around 10 percent every year. According IHS Jane’s projections, China will spend US$148 billion on its military this year, up from 139.2 billion in 2013.