Germany has decided in principle to buy F-35 fighter-jets from the US, that’s according to new reports citing government sources. Berlin plans to drastically beef-up military spending as a result of the Russian invasion of Ukraine. Denmark and Sweden say they’re raising military-spending.
Traditionally, larger nations have spent more on defense: In 2020, the US led the world with a military budget of 778 bBillion dollars. China spent 252 Billion dollars on its military, while Germany spent just 53 Billion. That year, Russia had a military budget of 62 Billion dollars. That’s ten times what Ukraine spent. Its also a greater share of the Russia economy compared to US and Chinese spending. So which companies are the biggest players in Defense? US company Lockhead Martin – which makes the F-35 – is one of the largest in the industry with sales of 66 Billion dollars last year. It is followed by Europe’s Airbus (60.5) and two more US companies, Raytheon Technologies (60.5) and Boeing (57). The Stockholm International Peace Research Institute tracks military-expenditures: We asked their senior researcher Lucie Beraud Sudreau to put recent events into perspective.
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