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Global Arms Industry Thrives Amid Worldwide Pandemic Devastation

The 21-month long pandemic, which began with the outbreak of the deadly corona virus back in March 2020, ravaged hundreds and thousands of businesses and industries resulting either in widespread losses, closures or bankruptcies.

But one of the few industries that survived and prospered in 2020 was the multi-billion dollar global arms industry led by the United States.

A new report released December 6 by the Stockholm International Peace Research Institute (SIPRI) says sales of arms and military services by the industry's 100 largest companies totalled a staggering $531 billion in 2020—an increase of 1.3 per cent in real terms compared with the previous year.

The arms sales of the Top 100 arms companies in 2020 were 17 per cent higher than in 2015—the first year for which SPIRI included data on Chinese firms. This marked the sixth consecutive year of growth in arms sales by the Top 100.