According to a new report, international military spending increased by 9.4 % between 2023 and 2024, which is the highest increase in military spending since the Cold War. The conflict between Russia and Ukraine and the conflict between Israel and Hamas continue amid rising tensions around the world.
World defense spending increased by about 9.4 % in 2024 to$ 2718 billion, according to a new study from the Stockholm International Peace Research Institute. This is the “tenth season of subsequent increases” and the highest increase in spending since 1988.
The Stockholm International Peace Research Institute reported that “military spending increased in all earth provinces, with especially rapid growth in both Europe and the Middle East.” The top five defense spenders, which included the United States, China, Russia, Germany, and India, made up 60 % of the total, spending totaling$ 1635 billion overall.
According to the research, the top 15 countries on the planet spent more money on defense in 2024, while the “global military problem” increased to 2.5 % of the global economy’s GDP in 2024.
Over 100 nations around the world increased their military investing in 2024, according to scientist at the Stockholm International Peace Research Institute, Xiao Liang. The economic and social trade-offs may have significant effects on cultures for years to come as governments extremely prioritize military protection, often at the cost of additional resources areas.
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According to the report, many nations” committed to raising military spending,” which is expected to result in further global increases in the coming years, in addition to the increased global military spending in 2024.
The United States spent almost$ 1 trillion on military operations in 2024, according to the report, while China spent roughly$ 314 billion on military operations.
China’s military spending increased by 7 % in 2024, according to the Stockholm International Peace Research Institute, marking its 30th consecutive increase in military spending and maintaining” the largest unbroken streak recorded” in the research institute’s database.
Russia’s military spending increased by at least 38 % in 2024, according to a study from the Stockholm International Peace Research Institute. However, the research institute concluded that because it supplements military spending from other sources, it was likely higher.
The study also revealed that Denmark’s spending increased by 20 %, Romania’s spending increased by 43 %, Sweden’s spending increased by 34 %, the Czech Republic’s spending increased by 32 %, Poland’s spending increased by 31 %, and Germany’s spending increased by 20 %.
Additionally, Greece, Greece, Turkey, Turkey, and Norway all increased spending by 11 %, respectively, while Finland and Norway both increased spending by 16 %, respectively.
