As of December 31, 2010, members’ arrears to the Regular Budget topped 8 million, of which the US owed 80%.
At the current level of spending, it would take just a handful of years for the world’s donor countries to cover their entire aid shortfall, of over trillion in promised official aid since 1970, 40 years ago.
But the baseline defense budget, by comparison, is largely similar to other years (marking a reduction in the when it comes to smaller countries — with no such power ambitions and, more importantly, lacking the resources and credit-worthiness to sustain such large budget deficits — many have cut back their military spending in 2009, especially in Central and Eastern Europe.
(Perlo-Freeman, Ismail and Solmirano, pp.1 – 2)Natural resources have also driven military spending and arms imports in the developing world.
Chart uses 2011 constant prices for comparison.)Summarizing some key details from the Stockholm International Peace Research Institute (SIPRI)’s Year Book 2013 summary on military expenditure: The USA with its massive spending budget, has long been the principal determinant of the current world trend, often accounting for close to half of all the world’s military expenditure.
The effects of global financial crisis and the post-Iraq/Afghanistan military operations have seen a decline in its spending, now accounting for 39% of spending in 2012.
The global financial and economic crisis resulted in many nations cutting back on all sorts of public spending, and yet military spending continued to increase.