Global Military Spending Peaks At $2443 Billion In 2023
July 14, 2024
Defence & Security

Global Military Spending Peaks At $2443 Billion In 2023

Military Buying Up In Most Regions

Global military spending surged in 2023 amid rising tensions and insecurity, reaching $2443 billion, according to new data published by the Stockholm International Peace Research Institute (SIPRI).

This marked a 6.8% increase in real terms from 2022 and the steepest year-on-year increase since 2009.

The 10 largest spenders in 2023, led by the United States, China, and Russia, increased their military spending.

For the first time since 2009, military expenditure went up in all five geographical regions defined by SIPRI, with substantial increases recorded in Europe, Asia, Oceania, and the Middle East.

“The unprecedented rise in military spending is a direct response to the global deterioration in peace and security,” said Nan Tian, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme.

Russia’s military spending increased by 24% to an estimated $109 billion in 2023, marking a 57% rise since 2014. Ukraine was the eighth-largest spender in 2023, with a 51% spending surge to reach $64.8 billion.

However, Ukraine received at least $35 billion in military aid during the year, including $25.4 billion from the USA. In 2023, the 31 NATO members accounted for $1341 billion, 55% of the world’s military expenditure.

Military spending by the USA rose 2.3% to reach $916 billion in 2023, representing 68% of total NATO military spending.

China allocated an estimated $296 billion to the military in 2023, accounting for half of total military expenditure across Asia and Oceania.

Several of China’s neighbours have linked their spending increases to China’s rising military expenditures.

Estimated military expenditures in the Middle East increased by 9.0% to $200 billion in 2023.

Israel’s military spending grew by 24% to reach $27.5 billion in 2023, driven by Israel’s large-scale offensive in Gaza in response to Hamas’s attack on southern Israel in October 2023. In Central America and the Caribbean, military spending in 2023 was 54% higher than in 2014.

Escalating crime levels have led to the increased use of military forces against criminal gangs in several countries in the sub-region.

Featured image: A US Marine Corps CH-53E Super Stallion helicopter participates in an air-to-air refuelling training exercise near Yuma, Arizona, on March 29, 2024. Credit: US Department of Defense

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, aerospace, defence, luxury watchmaking, business, automotive, and fashion verticals. He is passionate about conserving endangered native wildlife globally. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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