Global military spending hits high but growth slows.

Worldwide military spending edged up in 2010 to a record…

Worldwide military spending edged up in 2010 to a record $1.6 trillion, a leading think-tank said on Monday.

Global spending rose 1.3 percent in real terms, a slowdown from 5.9 percent the year before as the economic downturn caused by the 2008 financial crisis hit military spending, the Stockholm International Peace Research Institute said.

“In many cases, the falls or slower increases represent a delayed reaction to the global financial and economic crisis that broke in 2008,” it said in a statement, adding that there were regional differences.

Spending in Europe shrank 2.8 percent to $382 billion as governments started to rein in soaring budget deficits.

Source: Anna Ringstrom for Reuters.

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