The high military spending of the world’s countries shows that they invest more in death than in the prosperity and well-being of their citizens, UN Secretary-General António Guterres said.

“While trade in services is growing, we are witnessing increasing risks of trade wars over goods. And trends in military spending show that we are investing more in death than in people’s prosperity and well-being,” Guterres emphasized at the 16th session of the United Nations Conference on Trade and Development (UNCTAD). “At the same time, geopolitical divisions, inequality, the climate crisis, and new and prolonged conflicts are spreading throughout the global economy.”

The 16th UNCTAD session is taking place in Geneva from October 20 to 23, with delegations from more than 100 countries, including about 60 ministers and 40 deputy ministers. Participants are discussing ways to promote economic transformation for fair, inclusive, and sustainable development. The event is held once every four years.