More money, more power for Asian militaries

February 06, 2014 18:02

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. Read more

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