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1 hour ago
2
ARTICLE AD BOX
Countries have been upping defence expenditures whether they are near or far from war. This not only crowds out development spending but also incentivises more and more conflicts.
We now seem to be in an age of war and war is costly. Soon after taking office this year, Trump asked
Nato allies
to raise their defence budgets to 5% of national GDPs. A compelled Nato is raising the same to 3.5% immediately and 5% by 2035. US is also chasing its East Asian allies to follow suit, saying this is necessary for deterrence against a possible Chinese attack on Taiwan.
Countries are busy raising national defence budgets elsewhere in Asia (including in Pakistan) and Africa also – with or without real threats. Overall, the world seems to have entered a period of increased defence-spending and the consequences could prove quite dangerous.
English (US) ·