SIPRI (Stockholm International Peace Research Institute) reports, "large increases in military expenditure have been taking place in several countries of the region."
According to SIPRI, South America since 2000 has increased military expenditure 33% in real terms and in 2007 military outlays reached US$ 40 billion.
In the last five years Venezuela, Ecuador and Chile are the countries which most have increased military expenditure in real terms: 78%, 53% and 49% respectively. In Central America, Honduras leads with a 20% increase in the last five years followed by Mexico's 15%.
In 2007 the Brazilian government promised a 50% hike in the Armed forces budget and is planning to purchase conventional submarines and developing nuclear submersibles. However in the same five year period, Brazil was ranked 12 in military expenditure. Top of the list is Colombia with 4% of GDP, Chile, 3.6% and Ecuador, 2.3%.
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Published by Mike Hitchen, Mike Hitchen Consulting
