Global defence budget reach all-time high of $2440bn

A report from the Stockholm International Peace Research Institute (Sipri) revealed that global military spending has reached an all-time high of $2.44 trillion (or £1.97 trillion), driven by the sharpest annual increase in arms-related government spending in over a decade. This surge, at 6.8%, is the steepest since 2009, indicating a significant rise in defense budgets across various nations.

In a notable first, Sipri documented increased military expenditure across all five geographical regions: Africa, Europe, the Middle East, Asia and Oceania, and the Americas. This broad-based trend suggests that governments worldwide are responding to heightened security concerns with substantial investments in their militaries.

Nan Tian, a senior researcher at Sipri’s military expenditure and arms production program, noted that this unprecedented rise in spending reflects global concerns about peace and security. Governments are prioritizing military power, but there’s a risk that this could lead to a cycle of action and reaction, potentially escalating into unintended conflicts.

The United States and China, the two biggest spenders, together account for nearly half of the global military budget, with the US contributing 37% and China 12%. The US has shifted its focus from counter-insurgency operations to developing advanced weapon systems to maintain its technological edge. China, while growing at a slightly slower pace due to economic factors, continues its multi-decade trend of increasing defense budgets.

Russia, India, Saudi Arabia, and the UK are also among the top spenders. Russia’s military spending rose by 24% compared to 2022, mainly due to its ongoing war with Ukraine. India, dealing with tensions with China and Pakistan, increased its budget by 4.2% over the previous year, while Saudi Arabia’s expenditure grew by 4.3% due to higher oil prices driven by the conflict in Ukraine.

The Middle East saw the most significant regional increase, with an estimated $200 billion spent on military activities. Israel’s budget rose by 24% due to operations in Gaza, while Iran’s spending remained relatively stable.

Other notable increases in military expenditure occurred in Ukraine, driven by the ongoing conflict with Russia, and in countries like the Democratic Republic of the Congo and South Sudan, which have faced internal violence and conflict with non-state armed groups. Central American countries, such as Mexico, saw increased spending due to the use of military forces to combat organized crime and gang violence.

Overall, the report suggests that growing global tensions and conflicts are driving countries to invest more heavily in their military capabilities, potentially leading to a more volatile security environment.

Latest articles

Criminals barred from changing names in BC

Canada’s westernmost province, British Columbia, will now prevent individuals who have committed serious crimes from changing their names. This decision follows revelations that a...

Climate crisis making economic crisis worse

The economic impact of climate change is six times worse than previously believed, with global warming poised to reduce wealth on a scale comparable...

UK: Rishi Sunak-Akshata Murty’s wealth rise by £120m in a year

The personal fortune of Rishi Sunak and his wife, Akshata Murty, has increased by £120 million as the next general election approaches, according to...

Is US economy still struggling?

The United States finds itself amidst an intriguing economic surge, which carries implications not just for its own trajectory but also for global power...

Related articles