LONDON (Reuters) – Asia’s defense spending overtook Europe’s for the first time last year, the International Institute for Strategic Studies (IISS) said on Thursday, reflecting China’s military rise and shrinking European economies.
In its annual report on the world’s militaries, it said China’s defense spending in real terms rose 8.3 percent between 2011 and 2012, while in Asia as a whole, spending rose 4.94 percent last year.
At the same time, nominal defense spending among European NATO members had shrunk to around 2006 levels due to budget cuts, the IISS said in “The Military Balance 2013”. Read more…
Source: The Baltimore Sun