Global military expenditure saw its steepest increase in over a decade in 2023, reaching an all-time high of $2.4 trillion as wars and rising tensions fuelled spending across the world, researchers said.

Washington

Title: Conflicts Push Global Military Spending to Record $2.4 Trillion 

Global military spending has surged to a record high of $2.4 trillion, marking the most significant increase in over a decade, according to a recent report by the Stockholm International Peace Research Institute (SIPRI). This escalation has been attributed to wars and rising tensions across the globe prompting nations to expand their military budgets.

The United States continues to lead as the world's largest military spender, with its expenditure amounting to nearly a trillion dollars, representing 37% of the global total. Among the notable increases in spending, Ukraine observed a significant rise of over 50% in its military budget in response to the ongoing Russian invasion now in its second year. Concurrently, Russia, ranking as the third highest spender globally, boosted its military budget by almost a quarter in 2023.

Israel also saw its military spending increase by a similar margin, particularly following Hamas's attack in October, indicating an immediate upsurge in expenditure. Beyond countries in active conflict, simmering tensions have also led to higher military investments by nations like China, which is the second largest spender worldwide. China's military spending grew by six percent, reaching approximately 296 billion dollars.

In reaction to their regional dynamics, both Taiwan and Japan marked an 11% increase in their military expenditures in 2023, largely due to the perceived threat posed by China. This has set off a ripple effect, leading to a general trend of heightened military spending across the region, from Japan to Southeast Asia, in what researchers describe as an action-reaction spiral.

SIPRI analysts project that the global military spending is likely to continue on an upward trajectory in the forthcoming years. This is seen as a reflection of a deteriorating global peace and security environment, signaling a concerning trend towards escalated militarization worldwide.



Conflicts push global military spending to 'all-time high'

A surge in conflict around the world is fueling a surge in military spending. A new report by the Stockholm International Peace Research Institute, SIPRI, reveals that global military expenditure has reached an all-time high, almost two and a half trillion dollars last year. The US remains the world's biggest spender, dwarfing all other nations. It alone is responsible for almost a trillion dollars, or 37 percent of that global spend. Among the biggest year-on-year increases was Ukraine's. In the second year of the Russian invasion, its spending went up by more than half, while Russia, already the third highest spender worldwide, increased its budget by almost a quarter in 2023. Israel's military outlay went up by the same percentage, much of that coming late in the year. There was an immediate reaction since Hamas's attack in October. Simmering tensions have propelled spending increases for nations not in active conflict. China, the number two global spender, increased its military budget by six percent, to an estimated 296 billion dollars. And in the shadow of their sabre-rattling neighbour, Taiwan and Japan both increased their spending by 11 percent in 2023. The driving factor is very much China increasing spending, and has an impact on a lot of the neighbouring countries going from Japan all the way down to Southeast Asia, and leading to essentially an action-reaction type of spiral of increases. Researchers at SIPRI predict the upward trend in spending will continue in the coming years, a reflection, they say, of the deterioration of peace and security around the world.

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