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 time 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 America, China, Russia, Germany, and India, made up 60 % of the full, spending totaling$ 1635 billion overall.
Each of the top 15 purchases in the world increased their military spending in 2024, according to the study, while the “global military problem” increased to 2.5 % of the global gross domestic product in 2024.
Over 100 nations around the world increased their defense spending in 2024, according to scientist from 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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The report stated that many nations have” 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 report found that China had the second-highest military spending in 2024, followed by the United States, with roughly$ 1.3 trillion in military spending.
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 longest unbroken streak ever recorded” in the research institute’s database.
Russia’s military spending increased by at least 38 % in 2024, according to a study conducted by the Stockholm International Peace Research Institute. However, the research institute concluded that since 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 increased spending by 11 %, Finland increased spending by 16 %, Turkey increased spending by 12 %, and Norway increased spending by 17 %.
