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Reproduced from Stockholm International Peace Research Institute; Note: China and Saudi Arabia's spending is estimated; Chart: Axios Visuals

Global military spending climbed in 2019 for the fifth consecutive year to a new high of $1.9 trillion, or 2.2% of global GDP, according to the Stockholm International Peace Research Institute.

Breaking it down: The U.S. spent nearly three times as much as China and 10 times as much as any other country on Earth.

  • While U.S. spending rose 5% last year, it's still down 15% from 2010, when it accounted for 4.9% of GDP (vs. 3.4% now).
  • Gulf countries like Saudi Arabia (8%) and Oman (8.8%) spent the most on their militaries as a proportion of GDP, while Mexico (0.5%), Indonesia (0.7%), Switzerland (0.7%) and Japan (0.9%) are on the low end.
  • Germany increased military spending by 10% last year, a sign that U.S. pressure on NATO countries to spend more is showing some results.
  • India increased spending by 7% last year, and it moved from fifth to third on the list of biggest spenders.
  • Sub-Saharan Africa, home to 1 billion people, spent a total of $18 billion in 2019, less than Israel (pop. 9 million) and one-fortieth of the U.S. total.

What to watch: Military budgets contracted sharply following the 2008 financial crisis, and a similar trend is likely due to the economic fallout from the coronavirus.

Note: China's and Saudi Arabia's numbers are an estimate.

Go deeper

Ina Fried, author of Login
Jul 31, 2020 - Technology

Big Tech's take grows as economy tanks

Illustration: Sarah Grillo/Axios

While the rest of the U.S. economy was falling off a cliff, Big Tech saw its business soar.

The big picture: Thursday morning, government economists reported a 30% drop in GDP for the second quarter — the largest decline, by far, since the numbers have been reported.

Pandemic wipes out 5 years of economic growth in 3 months

The economic decline between April and June caused by the coronavirus pandemic brought the U.S. GDP back to levels last seen in 2015, according to data released Thursday.

Why it matters: While we fell into the hole swiftly, economists are dashing hopes of an equally swift recovery. They warn it could take years for the U.S. to recover.

Ohio special election win cements Jim Clyburn’s kingmaker status

Jim Clyburn. Photo by Tasos Katopodis/Getty Images

Rep. Jim Clyburn is cementing his Biden-era kingmaker status with Shontel Brown's win in Ohio,  showing progressives he has a finger on the pulse of Democratic Party politics in a way they must acknowledge.

Driving the news: "I was going to stay right here in South Carolina minding my business until I got called stupid,” Clyburn told Axios in an interview Wednesday.

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