Global military spending reached a new record high of $2.4 trillion last year, according to a report by the Stockholm International Peace Research Institute (SIPRI). This marks the ninth consecutive annual increase in military expenditures, indicating a trend that is likely to continue.
The report found that military spending in 2023 rose to 2.3 percent of the global gross domestic product (GDP), up from 2.2 percent the previous year. This means that on average, every person on the planet contributed $306 towards military spending, the highest rate since the Cold War.
The United States remained the world’s largest spender on military forces, allocating $916 billion, which represents 37 percent of global military outlays. China followed as the second biggest spender with an estimated $296 billion. Russia ranked third at $109 billion, although SIPRI believes this figure may be underestimated due to the lack of transparency in Russian financial reporting since the full-scale invasion of Ukraine in 2022. India was the fourth largest spender at $83.6 billion.
The report highlighted the uneven distribution of military spending, with a small group of countries accounting for the majority of expenditures. The increase in military spending was particularly pronounced in Europe, driven by the conflict in Ukraine. Ukraine itself increased its defense budget by 51 percent, reaching $64.8 billion, while Russia increased its military spending by 24 percent to $109 billion.
European NATO members also significantly boosted their military budgets in response to Russia’s actions in Ukraine. Poland led the pack with a 75 percent increase in defense spending, while Finland increased spending by 54 percent. However, Germany continued to fall short of NATO’s 2 percent spending target, despite pledges to increase defense spending.
The report underscored the growing recognition of Russia as a strategic threat, with several European countries ramping up defense spending in response to geopolitical tensions. Overall, military spending in Eastern Europe increased by 31 percent last year, outpacing Western and Central Europe.
The SIPRI report suggests that global military expenditures are likely to continue on an upward trajectory, driven by ongoing conflicts and geopolitical tensions around the world.
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Key points of the article include:
– Global military spending reached a new record of $2.4 trillion in 2023, with a 2.3 percent increase from the previous year.
– The United States remained the largest spender at $916 billion, followed by China, Russia, and India.
– European countries, particularly NATO members, significantly increased military budgets in response to the war in Ukraine.
– Countries like Poland, Finland, and the United Kingdom saw substantial increases in defense spending to modernize their armed forces and increase stockpiles.
– Germany has struggled to meet the 2 percent NATO requirement for defense spending, despite promises to increase spending.
– Eastern European countries, particularly those bordering Russia, have seen significant increases in defense spending in response to perceived threats.
Overall, the article highlights the impact of the Russia-Ukraine war and the fear of war on global military spending, with many countries increasing their defense budgets to address security concerns.