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Global defence expenditure is set to increase again in 2018 to reach its highest level since the end of the Cold War, according to the annual Jane’s Defence Budgets Report released Monday.

Defence spending will grow for the fifth consecutive year, reaching $1.67 trillion in 2018 and overtaking the previous post-Cold War record of $1.63 trillion seen in 2010, according to the Jane’s report. (All expenditures in U.S. dollars)

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Here is more about the report provided in the news release from Jane’s:

Defence spending will increase by 3.3 percent in 2018 – the fastest rate of growth for a decade – driven by the largest year-on-year increase in US spending since 2008. Funding for the procurement of military equipment is also expected to rise from $295 billion in 2017 to $315 billion in 2018, another record high in global terms.

“The increase in defence spending reflects improving economic conditions around the world, coupled with a response to continuing instability in a number of key regions,” Fenella McGerty, principal analyst for Jane’s, said in a statement. “However, defence spending remains lower in relation to GDP than at any time in the last 10 years, which suggests that recent growth primarily relates to improved economic and fiscal conditions in established markets.”