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Asian Countries Raised Defense Spend; U.S. Spends Most

The Wall St. Journal reports that “Asian countries ramped up their defense spending in 2013, while military budgets in the West continued to dwindle as a share of the global total.”  

“The Asia-Pacific region accounted for 24% of the $1.538 trillion spent worldwide last year, according to an annual defense budgets review published by IHS Jane’s on Feb. 4. After five years of declines, global defense spending will rebound modestly to $1.547 trillion this year, the report forecast.”  

“The review by the U.K.-based defense analysis company tracked military expenditures in 77 top-spending countries.”  

“By the end of the decade, it predicted, Asia’s share will have risen to 28%, highlighting an eastward power shift as Western budgets stagnate and Asian budgets continue growing.”  

“The U.S. still spends far more than any other country – $582.4 billion – but its share of the global tally fell to 37.9% after peaking at around 42% in 2010.”

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