Conflicts push military spending to 'all-time high': SIPRI report - Times of India
Source: The Times of India
Author: Toi World Desk
NEW DELHI: In 2023, global military spending saw its steepest increase in over a decade, reaching a new high of $2.4 trillion. This surge in spending was driven by ongoing wars and rising geopolitical tensions, affecting regions across the world, according to the latest report by the Stockholm International Peace Research Institute (SIPRI).
Widespread increases across regions
The SIPRI report highlighted a uniform rise in military expenditures across all five geographical regions, the first occurrence since 2009."Total military spending is at an all-time high...and for the first time since 2009, we saw spending increase across all five geographical regions," stated Nan Tian, a senior researcher at SIPRI. This global trend underscores the escalating concerns about peace and security worldwide, with no region showing signs of improvement.
Significant regional highlights
In Europe, the ongoing war in Ukraine has prompted substantial increases in military spending by Ukraine, Russia, and other European countries. Russia's military budget grew by 24%, reaching $109 billion. Ukraine also saw a significant rise in its military spending, up by 51% to $64.8 billion, bolstered by substantial military aid from the US and other countries.
The Middle East and Asia also saw notable increases. Israel, responding to security challenges, increased its spending by 24%, while Saudi Arabia, the largest spender in the region, raised its budget by 4.3%. In Asia, tensions driven by China's military buildup led to increased spending by its neighbors, with Japan and Taiwan both increasing their military budgets by 11%.
Top global spenders
The United States remained the largest global spender with an expenditure of $916 billion, marking a 2.3% increase from the previous year. China followed with a continued increase for the 29th consecutive year, raising its military spending by 6% to an estimated $296 billion.
Future outlook
With the war in Ukraine "nowhere close to an end" and ongoing tensions in the Middle East and Asia, Tian anticipates that the upward trend in military spending is likely to continue for several years. This expectation sets the stage for ongoing global military escalations as countries prioritize their security in an increasingly unstable world.
(With inputs from agencies)
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