GLOBAL MILITARY SPENDING HIT RECORD LEVEL OF $2.44T IN 2023

Mon 22 April 2024:

Global military expenditure rose by 6.8% to a historical high level of $2.44 trillion in 2023, versus 2022, Stockholm International Peace Research Institute said Monday.

This was the steepest annual hike since 2009, the institute noted, adding that it was the ninth consecutive raise.

The top-10 spenders were the US, China, Russia, India, Saudi Arabia, the UK, Germany, Ukraine, France and Japan. All 10 countries’ spending posted increases in 2023.

The US spent 2.3% more for military — totaling $916 billion in 2023, followed by China with $296 billion, up 6%, and Russia with $109 billion, up 24%.

Ukraine’s military spending in 2023 was 59% the size of Russia’s military expenditure. However Ukraine also received at least $35 billion in military aid during 2023, including $25.4 billion from the US.

Last year, 31 NATO members spent $1.34 trillion for the military, which is equal to 55% of the world’s military expenditure.

The US represented 68% of total NATO military spending in 2023, but most European NATO members also increased their military expenditure.

Forecasted military expenditure in the Middle East increased by 9% to $200 billion last year, posting the highest annual increase seen in the past decade.

Israel’s military spending — the second largest in the region after Saudi Arabia — rose by 24% to reach $27.5 billion in 2023.

Türkiye’s military spending rose by 37% to $15.8 billion year-on-year in 2023.

-Source: AA

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