Unprecedented rise in global military spending is overwhelming the world

Global military spending in 2024 will see its largest increase since the end of the Cold War, reaching $2.7 trillion, as a result of wars and conflicts around the world, according to a report by the Stockholm International Peace Research Institute (SIPRI).

Global military spending has seen a significant increase in Europe and the Middle East, according to the report.

Spending is expected to increase by 9.4% in 2024 – the tenth consecutive year of increase – compared to 2023.

“This clearly reflects heightened geopolitical tensions… It’s unprecedented… It’s the largest increase since the end of the Cold War,” said Xiao Liang, a researcher with the SIPRI Military Expenditure and Arms Production Program.

The report indicated that more than 100 countries increased their defense budgets last year.

Liang said the huge bill would have a profound social, economic, and political impact, as countries would have to make trade-offs in their budget choices.

He explained, “For example, we have seen many European countries cut other budget items, such as international aid, in order to finance the increase in resources allocated to the military, or consider increasing taxes or borrowing”.

Europe, including Russia, was the highest-spending region, with military spending rising 17% to $693 billion.

Russia has allocated $149 billion to its military in 2024, a 38% year-on-year increase and double the amount in 2015.

Ukraine’s military budget, which was invaded by Russia, rose by 2.9% to $64.7 billion.

While this represents only 43% of Russia’s equivalent resources, Kyiv has the highest military burden in the world, allocating 34% of its GDP to defense.

The report noted that some European countries stand out in this regard.

For example, Germany’s military spending increased by 28% to $88.5 billion.

Liang said, “For the first time since its reunification, Germany has become the largest contributor to defense in Central and Western Europe”.

The United States, the world’s largest military spender, increased its budget by 5.7% in 2024, reaching $997 billion, representing 37% of global spending and 66% of spending by NATO member states.

The 32 NATO countries, engaged in a rearmament dynamic in the face of a potential US withdrawal, have significantly increased their spending.

“In 2024, 18 of the 32 countries reached the 2% of GDP target” for military spending, an unprecedented achievement since NATO’s founding, according to the researcher.

“Major acquisition projects are expected to be implemented in the arms industry in the coming years,” he said.

In the Middle East, the same trend goes as well, with Israel continues its war in the Gaza Strip, and in 2024 its military spending increased by 65% ​​to $46.5 billion, the largest increase since the Six-Day War in 1967, according to the report.

In contrast, Iran’s spending fell by 10% to $7.9 billion in 2024, despite its involvement in regional conflicts, because the impact of sanctions has severely limited its ability to increase spending.

After the United States, China ranks second, investing in modernizing its armed forces and expanding its cyberwarfare capabilities and nuclear arsenal.

It now accounts for half of military spending in Asia and Oceania.

In 2024, its military budget is expected to increase by 7% to $314 billion.