World military spending dips in 2012, first fall s

World military spending dips in 2012, first fall since 1998 STOCKHOLM (Reuters) - Global military spending dropped in 2012 for the first time in more than a decade thanks to deep cuts in the United States and Europe which made up for increases in countries such as China and Russia, a leading think-tank said on Monday. Big powers the United States and its European allies face tight budgets in an economic downturn and have scaled back involvement in conflicts in Iraq and Afghanistan. The world's second biggest economy China, however, is ramping up spending and registered 7.8 percent growth in 2012 from the year before, up 175 percent from 2003. ...