The Economist magazine takes PPP exchange rates seriously. Using price data to construct real exchange rates allows more meaningful compassions of real military inputs across countries. This is my fourth collaboration with The Economist’s data team in the Graphic Analysis column. They have reported on SIPRI’s latest update of world military spending in 2023. Thee Economist’s analysis shows that military PPP adjustments make a large difference to estimates of NATO’s relative size . In part this is due to countries like Italy, Turkey with relatively low cost labour. I will post more of this breakdown in due course.
The Economist’s analysis is here. There is also more information on Redit
militaryppp.com 