WASHINGTON, Dec. 14 (UPI) -- A new report by the IHS Jane's Defense Budget team reveals Russia has dropped out of the top five global defense spenders for the first time in 30 years.
The report notes military budgets around the world rose from 2015 to 2016 to $1.57 trillion, citing various conflicts and rising political tensions as powerful factors. The researchers expect defense budgets to climb even higher in 2017, with Russia falling further behind.