The Economist has an interesting article on defense spending by GDP.
ON JUNE 8th China’s top military brass confirmed that the country’s first aircraft carrier, a refurbishment of an old Russian carrier, will be ready shortly. Only a handful of nations operate carriers, which are costly to build and maintain. Indeed, Britain has recently decommissioned its sole carrier because of budget pressures. China’s defence spending has risen by nearly 200% since 2001 to reach an estimated $119 billion in 2010â€”though it has remained fairly constant in terms of its share of GDP. America’s own budget crisis is prompting tough discussions about its defence spending, which, at nearly $700 billion, is bigger than that of the next 17 countries combined.
Itâ€™s not totally accurate as the Illustrious is being converted to a helicopter carrier and England is building the Queen Elizabeth class of aircraft carriers and the reality is that the Invincible class of aircraft carriers was at the end of itâ€™s life expectancy.
It is interesting that despite the outrage of how much Canada has been spending on defense lately, we still spend less than Australia, Brazil, and Italy among the largest military spenders. I was also surprised to see Turkey so high on the list and not not see Pakistan considering how much India spends.