The world is arming itself at an alarming rate. That's what a recent report by Sipri, a Swedish based research institute that tracks conflicts and arms control, said about global weapons purchases. Last year, global military spending crossed the two trillion dollar mark for the first time.

The five largest spenders, the US, China, India, the UK and Russia accounted for 62 percent of total defence expenditures. The report highlighted that despite the global covid-19 pandemic, military spending remained largely unaffected and saw rapid growth compared to other sectors. But one of the most troubling points was that many of the world's nuclear armed states are rapidly modernizing and expanding their arsenals. Although down from cold war highs, SIPRI warns that the era of nuclear disarmament appears to be ending. The warning comes as Russia's attack on Ukraine passed the four-month mark. Tensions between the US and China have also risen this year, particularly over Taiwan and navigation rights in the South China Sea. So what impact will this increase in global arms spending mean for the world's security?

Guests:

Owen Green

Professor at the University of Bradford

Elizabeth Braw

Senior Fellow at the American Enterprise Institute