|I was appointed the finance correspondent for Senior Life Advisor, an online magazine for investors near or in retirement. The articles for Senior Life Advisor were designed to offer actionable information as well as items of interest about economics, investing and personal finance.|
Below is a list of of the 10 largest economies in the world according to the World Bank, ranked by GDP which is the total value all finished goods and services produced within a country.
|Country||GDP (in $trillions)|
Notably, Russia comes in at number 11 with a GDP of $1.65 trillion, which is less than 10% of the United States GDP. The Russian military budget is estimated to be about $62 billion, again, less than 10% of U.S. military spending which was $686 billion for fiscal 2019. These figures are notable given the outsized impact Russia has and demonstrates how technology can level the playing field in global politics.
To put the U.S. defense budge into context: at $686 billion, it’s about equal to the GDPs of Denmark and the Philippines combined.
World GDPs https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=true
Russian Military Spending https://www.cnbc.com/2019/04/29/russia-drops-out-of-top-5-global-military-spenders.html