An unprecedented increase in global military spending was recorded in 2024 amid rising spending in Europe, with Ukraine's total military spending increasing by 2.9% to $64.7 billion, the Stockholm International Peace Research Institute (SIPRI) said in a new report on April 28, UNN writes.
Global military spending reached $2,718 billion in 2024, an increase of 9.4% in real terms from 2023 and the sharpest annual increase since at least the end of the Cold War
Military spending, as indicated, increased in all regions of the world, especially rapidly in Europe and the Middle East. The five largest military spenders - the United States, China, russia, Germany and India - accounted for 60% of the global volume, with aggregate spending amounting to $1,635 billion, according to new SIPRI data.
Global military spending shows the sharpest increase since the end of the Cold War
Global military spending rose to $2,718 billion in 2024, the 10th consecutive year of growth. The world's 15 largest spending countries in 2024 all increased their military spending. The global military burden - the share of global gross domestic product (GDP) allocated to military spending - increased to 2.5 percent in 2024.
"More than 100 countries around the world increased their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budget items, the economic and social trade-offs can have significant consequences for societies for many years to come," said Xiao Liang, a researcher at SIPRI's Military Spending and Arms Production Program.
European spending growth leads to global growth
Military spending in Europe (including russia) rose by 17 percent to $693 billion and became the main driver of global growth in 2024.
As the war in Ukraine lasted for the third year, military spending continued to grow across the continent, bringing European military spending above the level recorded at the end of the Cold War. All European countries increased their military spending in 2024, with the exception of Malta
Military spending by russia, as indicated, reached an estimated $149 billion in 2024, up 38 percent from 2023 and double that of 2015. This accounted for 7.1 percent of russia's GDP and 19 percent of all government spending by russia.
Ukraine's total military spending increased by 2.9 percent to $64.7 billion, equivalent to 43 percent of russia's spending. Ukraine in 2024 had the largest military burden among all countries, at 34 percent of GDP
"russia has again significantly increased its military spending, widening the spending gap with Ukraine," said Diego Lopez da Silva, Senior Researcher at SIPRI's Military Spending and Arms Production Program. - Currently, Ukraine is directing all of its tax revenues to its military needs. In such a limited fiscal space, it will be difficult for Ukraine to continue to increase its military spending."
Several Central and Western European countries faced unprecedented growth in their military spending in 2024, amid the implementation of new spending commitments and large-scale procurement plans. Germany's military spending increased by 28 percent to $88.5 billion, making it the largest spender in Central and Western Europe and the fourth largest in the world. Poland's military spending increased by 31 percent to $38.0 billion in 2024, or 4.2 percent of Poland's GDP.
"For the first time since reunification, Germany has become the largest military spender in Western Europe, thanks to the special €100 billion defense fund announced in 2022," said Lorenzo Scarazzato, a researcher at SIPRI's Military Spending and Arms Production Program. - The latest political measures taken in Germany and many other European countries indicate that Europe has entered a period of high and growing military spending, which is likely to continue in the foreseeable future."