After three years in decline, global defense spending rebounded by 1.7 percent, driven by emerging markets in the East as the West largely continues with austerity, according to analysts with the International Institute for Strategic Studies (IISS).
US defense spending in 2014, at about $600 billion, still dwarfed its nearest rival, China, and the West still accounted for more than half of global defense outlays in 2014. However, this was down from two-thirds of global totals in 2010
China spent some $112 billion, followed by Saudi Arabia at $81 billion and Russia at $70 billion, according to figures compiled in the recently released 2015 edition of “The Military Balance.” The UK fell from third place to fifth, at $61 billion. […]