Global Military Spending Hits Record High Since Cold War

Global military expenditures surged to $2.72 trillion in 2024, marking a 9.4% increase from 2023—the largest year-on-year jump since the end of the Cold War.

The Stockholm International Peace Research Institute (SIPRI), a leading global conflict research organization based in Sweden, released its annual report today, noting that rising geopolitical tensions have driven up military spending across all regions, with Europe and the Middle East recording particularly sharp increases.

"In 2024, more than 100 countries around the world boosted their defense budgets, prioritizing military security over other sectors," the report stated. "This shift could have significant economic and social repercussions for years to come."

The war in Ukraine and growing doubts about the U.S. commitment to NATO contributed to a 17% surge in European military spending—including Russia—surpassing levels last seen at the end of the Cold War.

Russia's military expenditure reached $149 billion in 2024, up 38% from the previous year, doubling its 2015 level. Defense now accounts for 7.1% of Russia’s GDP and 19% of its total government budget.

Ukraine's military spending rose 2.9% to $64.7 billion, representing a staggering 34% of the country’s GDP. According to SIPRI, Ukraine bore the highest military burden worldwide in 2024.

"Ukraine is allocating its entire tax revenue to defense. With such tight budgets, Kyiv may face serious challenges in maintaining this pace," SIPRI noted.

Russia ranked among the world's top five military spenders, alongside the United States, China, Germany, and India. Together, these five countries accounted for 60% of global military spending.

The United States remained the dominant player, increasing its defense budget by 5.7% to $997 billion, which made up 66% of NATO's total defense spending and 37% of worldwide military expenditures in 2024.

China's military spending rose 7% to $314 billion, Germany’s jumped 28% to $88.5 billion, and India’s increased by 1.6% to $86.1 billion.

(According to Reuters and AFP)

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