Copenhagen, Apr 28 (EFE).- There was an “unprecedented” increase in global military spending in 2024, the steepest rise since the end of the Cold War, driven by increased arms investment across Europe and the Middle East, according to a Stockholm International Peace Research Institute (SIPRI) report released on Monday.
Global spending on arms reached a record $2.7 trillion, a 9.4 percent year-on-year increase and a figure equivalent to 2.5 percent of global gross domestic product (GDP) devoted to military expenditure.
With an expenditure of $693 billion — a 17 percent increase, Europe was the main driver, followed by the Middle East, although increases were widespread.
“Over 100 countries around the world raised their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come,” said Xiao Liang, researcher with the SIPRI Military Expenditure and Arms Production Program.
War in Ukraine boosts Europe spending
All European countries, except Malta, increased their defense spending last year.
Russia, third globally after China and the United States, spent an estimated $149 billion, 38 percent more and double the figure of 10 years earlier, representing 7.1 percent of its GDP and 19 percent of all Russian government spending.
Ukraine increased its annual military spending by 2.9 percent to $64.7 billion, allocating 34 percent of its GDP, the highest figure in the world.
“Russia once again significantly increased its military spending, widening the spending gap with Ukraine,” said Diego Lopes da Silva, senior SIPRI researcher. “Ukraine currently allocates all of its tax revenues to its military. In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending.”
Germany became the fourth highest-spending country globally and the first in Western and Central Europe, for the first time since reunification, with an allocation of $88.5 billion, a 28 percent increase.
Two other European countries appear in the top 10: the United Kingdom, sixth with $81.8 billion, a 2.8 percent increase; and France, ninth with $64.7 billion, a 6.1 percent increase.
Also significant were the increases experienced by Sweden (34 percent, in its first year as a NATO member) and Poland (31 percent).
“‘The latest policies adopted in Germany and many other European countries suggest that Europe has entered a period of high and increasing military spending that is likely to continue for the foreseeable future,” said SIPRI researcher Lorenzo Scarazzato.
US, NATO consolidate global dominance
The US remains the world’s largest military spender, with a total of $997 billion in 2024, making up 37 percent of global military spending, up 5.7 percent year-on-year, and three times more than China, the next largest.
A significant portion of that figure was dedicated to “modernizing military capabilities and the US nuclear arsenal in order to maintain a strategic advantage over Russia and China,” according to the report.
US military spending accounts for 66 percent of the North Atlantic Treaty Organization’s (NATO) total.
The 32 countries that make up the alliance accounted for 55 percent of global military spending, totaling $1.5 trillion.
According to SIPRI calculations, 18 of these countries allocated at least 2 percent of their GDP to defense, up from 11 in 2023.
Israel-driven spike in Middle East
The Middle East region experienced the largest increase in military spending after Europe, up 15 percent to $243 billion.
Israel’s military expenditure surged by 65 percent to $46.5 billion in 2024, the steepest annual increase since the Six-Day War in 1967 and 8.8 percent of GDP, the second highest in the world.
Lebanon was the other country in the region that increased spending, up 58 percent, albeit to a much smaller figure of $635 million.
Iran’s spending fell by 10 percent to $7.9 billion, due to the impact of international sanctions against Tehran.
China dominates Asia-Oceania
In the Asia-Oceania region, military spending rose 6.3 percent to $629 billion, with China accounting for half of the region’s expenditure at $314 billion, a 7 percent increase, as a result of its “continued modernization of its military and expansion of its cyberwarfare capabilities and nuclear arsenal.”
Japan, with $55.3 billion in spending, recorded a 21 percent increase, its largest since 1952.
India’s expenditure, the fifth largest globally, grew by 1.6 percent to $86.1 billion, while Taiwan’s spending grew by 1.8 percent in 2024 to reach $16.5 billion amid its tensions with China.
Notably, military spending by junta-controlled Myanmar surged by 66 percent in 2024 to an estimated $5 billion — the highest rate of increase in the region. EFE
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