Global Military Spendings Reach All-Time High

There has been an unprecedented increase in global military spending, with last year becoming the most substantial in more than a decade. According to a report by the Stockholm International Peace Research Institute (SIPRI), global defense spending in 2023 reached a record high of $2.443 trillion, or 2.3% of global GDP.

According to SIPRI analysts, due to heightened international tensions and growing geopolitical instability, military spending “has increased virtually worldwide.” Growth was particularly strong in Europe, the Middle East, and Asia. “This is a record high. For the first time since 2009, there has been an increase in spending in all five geographic regions,” SIPRI researcher Nan Tian told the media. According to the report, global military spending growth in 2023 was 6.8%, the strongest year-on-year increase since 2009, reflecting deteriorating security around the world. “In fact, there is not a single region where the situation has improved,” Nan Tian added.

The top three countries whose defense spending spiked in 2023 include the USA, which is theoretically not at war with any country, but is actually involved in every possible and conceivable conflict, China, and Russia. India and Saudi Arabia come next. As SIPRI emphasized, “the continuation of the war in Ukraine has led to increased spending by Kiev, the Kremlin, the United States, and a number of European countries.” Accordingly, in 2023, US military spending was $916 billion (3.5% of GDP), China spent $296 billion (1.7%), and Russia spent $109 billion (4.1% of GDP).

Military spending in the Middle East is estimated to increase by 9.0% to $200 billion. This is the highest annual growth rate in the region over the past decade. Israel’s military funding (+24%) – second only to Saudi Arabia – is mainly due to the large-scale offensive in Gaza in response to the October 2023 Hamas attack.

In Central America and the Caribbean, military spending was 54% higher than in 2014. The growth of organized crime has led to increased use of armed forces against gangs and drug trafficking in several countries in the region. For example, the Dominican Republic’s military spending increased by 14% in 2023 in response to worsening gang violence in neighboring Haiti.

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