ABSTRACT
Regional defence spending maintained momentum in 2021 with real growth reaching 2.8%. This indicates the resilience of defence spending against wider economic pressures. Total regional spending came to USD488 billion in 2021, more than double the 2008 total of USD226bn. China accounted for 43% of total regional spending in 2021 with a defence budget of USD207bn. Using a PPP rate brings China’s 2021 defence budget closer to USD332bn.
