Global military expenditure hits record high, India among top 5 spenders
- In Reports
- 05:45 PM, Apr 22, 2024
- Myind Staff
Researchers reported that global military expenditure surged to its highest level ever in 2023, marking the most significant increase in over a decade, reaching a staggering $2.4 trillion. The escalation in spending was attributed to ongoing conflicts and escalating tensions worldwide, prompting countries to bolster their military budgets.
A recent report by the Stockholm International Peace Research Institute (SIPRI) highlighted substantial rises in military spending across various regions, with notable increases observed in Europe, the Middle East, and Asia.
Nan Tian, a senior researcher at SIPRI, informed AFP that total military expenditure had reached an unprecedented peak. He noted that, for the first time since 2009, spending had risen across all five geographical regions.
According to the report, military spending experienced a substantial increase of 6.8 per cent in 2023, marking the most significant year-on-year rise since 2009.
Tian noted that global military spending surge reflects worsening peace and security worldwide, with no region improving. The top five spenders were the US, China, Russia, India, and Saudi Arabia.
The conflict in Ukraine drove up spending for Ukraine, Russia, and European countries. Russia's military spending jumped by 24% to $109 billion in 2023 and has surged by 57% since annexing Crimea in 2014.
In 2023, Ukraine's military spending surged by 51 per cent to $64.8 billion, with $35 billion in military aid mainly from the US. This aid and spending totalled over 90% of Russia's military budget.
While Ukraine's military spending was 37% of its GDP and 58% of government expenditure, Russia's was only 5.9% of its GDP. According to Tian, Ukraine now has limited scope to increase its military spending.
In Europe, Poland's military spending soared by 75% to $31.6 billion. Meanwhile, Israel increased its spending by 24% to $27.5 billion due to its offensive in Gaza following an attack by Hamas. Saudi Arabia, the region's top spender, raised its expenditure by 4.3% to $75.8 billion. In the US, military spending rose by 2.3% to $916 billion.
China increased military spending for the 29th consecutive year, reaching approximately $296 billion, prompting neighbouring countries like Japan and Taiwan to also increase their defence budgets. Japan and Taiwan each spent $50.2 billion and $16.6 billion, respectively, marking an 11% increase for both. Meanwhile, India, the world's fourth-largest spender, raised its military expenditure by 4.3% to $83.6 billion.
In Central America and the Caribbean, countries recorded rises in military expenditure due to various challenges, including combatting organised crime. The Dominican Republic, for instance, increased its spending by 14 per cent in response to escalating gang violence emanating from neighbouring Haiti and affecting its borders.
Military budgets in Africa expanded notably, with the Democratic Republic of Congo and South Sudan registering significant increases. Congo's expenditure more than doubled, driven by tensions with neighbouring Rwanda, while South Sudan saw a 78 per cent rise. Analysts predict continued growth in military spending globally amid ongoing conflicts in Ukraine, the Middle East, and Asia.
Image source: AFP News
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