Friday, May 24, 2024

Global military expenditure reaches all-time high of $2,443bn in 2023: Report

World military expenditure increased by 6.8% in 2023 year-over-year and reached a new record high of $2,443 billion, with the three largest spenders being the US, China and Russia, according to new data published on Monday by the Stockholm International Peace Research Institute (SIPRI).

“World military expenditure rose for the ninth consecutive year to an all-time high of $2,443 billion,” SIPRI said.

Moreover, military expenditure increased in all five of the geographical regions defined by SIPRI, the institute added.

The US remained the world’s biggest military spender with a 37% share of the world total and $916 billion spent in 2023. It is followed by China with a 12% share and an estimated $296 billion spent on the military and Russia with a 4.5% share and an estimated $109 billion spent on defense last year, which represents a 24% increase compared to 2022.

Ukraine, the eighth largest spender in 2023, increased its military spending by 51% year-over-year to $64.8 billion, which is 58% of the country’s total government spending.

The Middle East has seen a 9% surge in military spending, with Israel’s spending growing by 24% to $27.5 billion amid its operation in the Gaza Strip, the institute noted.

Israel’s monthly military spending more than doubled to $4.7bln by the end of 2023, according to the report.

The increase from an average of $1.8bln per month before October 2023 was “mainly driven by Israel’s large-scale offensive in Gaza in response to the attack. on Southern Israel by Hamas in October 2023”, SIPRI reported.

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