In 2020, when the global economy contracted over 3.1% due to the COVID-19 pandemic, global arms trade recorded an increase of 1.3%, as per latest data released by the Stockholm International Peace Research Institute (SIPRI) on Monday, December 6. The growth in arms trade, both domestic and international, reveals how governments worldwide chose to maintain or increase their spending on arms despite the economic hardships caused by the pandemic. 

According to SIPRI, arms trade by the world’s top 100 companies in the sector touched USD 531 billion in 2020, making it the sixth consecutive year of growth since 2015.

According to Alexander Marksteiner, a researcher with SIPRI, the main reason for the growth in arms trade in spite of the global economic slump was “sustained government demand for military goods and services.”

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