Why invest in wars, focus on poverty reduction
Even though we claim growth in the consumer markets around the globe but the fact remains that most of the people in poor nations cannot afford even a two square meal. As on date the world poverty rate stands at close to 47.00 percent, albeit a one percent decline from the previous years.
Besides, approximately 800 million people live in extreme poverty, defined as earning less than $3 per day. This translates to about one in 10 people worldwide. Various estimates and studies also suggest that by 2030, 622 million people (7.3 percent of the global population) are projected to live in extreme poverty, with about 69 million people expected to escape extreme poverty between 2024 and 2030.
Notably, in 2024, Sub-Saharan Africa accounted for 67 percent of people living in extreme poverty, with two-thirds of the world’s population in extreme poverty residing in this region.
However, the focus of the planners globally has not been so overwhelming on overcoming the challenge to reduce poverty to a level where people across the world would feel some comfort in their lives.
Presently, the soaring global military expenditures are reducing essential investments in health, education and job creation and these expenditures do not guarantee peace.
The evidence is clear that heavy military spending often undermines peace by fuelling arms races, deepening mistrust and diverting resources from the very foundations of stability.
With military spending surging to a record USD 2.7 trillion following a decade-long military build-up, the UN studied the impact on UN development goals for 2030.
The resulting report, “The Security We Need: Rebalancing Military Spending for a Sustainable and Peaceful Future,” is expected to be discussed at the annual meeting of world leaders at the General Assembly starting September 22.
The 17 goals adopted by world leaders in 2015 include ending global hunger, promoting good health and providing quality education for every child, while reducing inequalities in the world.
According to the Stockholm International Peace Research Institute, last year’s USD 2.7 trillion in global military spending is projected to reach USD 6.6 trillion by 2035 if current trends persist. And increased military spending is widespread, with more than 100 countries boosting expenditures last year.
Ironically, only USD 93 million — less than 4 per cent of the USD 2.7 trillion in military spending last year — is needed annually to end hunger by 2030. And USD 5 trillion could fund 12 years of quality education for every child in low- and lower-middle-income countries.
While USD 1 billion in military spending can create approximately 11,200 jobs in the military, the same amount of money can create 26,700 jobs in education, 16,800 in clean energy and 17,200 in health care.
