Military spending around the world goes up to $2.7 trillion

Global military spending reached a new high in 2024, for the 10th time in a row as figures exceeded the previous year’s spending, a leading think tank on conflict and defence said on Monday. Germany is among the top five military spenders.

The United States, China, Russia, Germany and India accounted for 60% of the global total. Germany’s military expenditure increased by 28% to reach $88.5 billion, making it the fourth biggest spender in the world.

According to a new report published by the Stockholm International Peace Research Institute (SIPRI), inflation-adjusted spending in 2024 rose by 9.4% to $2.72 trillion.

This is the steepest year-on-year rise since at least the end of the Cold War, SIPRI said.

Military spending increased in all world regions, with particularly rapid growth in both Europe and the Middle East, the report said.

With the war in Ukraine in its third year, military expenditure kept rising across Europe, up by 17% to $693 billion, making it the main contributor to the global increase in 2024. All European countries increasing their military spending in 2024, except Malta.

Russia’s military expenditure reached an estimated $149 billion in 2024, a 38% increase from 2023 and double the level in 2015, the report found.

Ukraine’s spending grew by 2.9% to reach $64.7 billion. At 34% of gross domestic product (GDP), Ukraine had the largest military burden of any country in 2024, the report said.

SIPRI researcher Lorenzo Scarazzato said for the first time since reunification Germany became the biggest military spender in Western Europe.

“The latest policies adopted in Germany and many other European countries suggest that Europe has entered a period of high and increasing military spending that is likely to continue for the foreseeable future.”

The US remained unbeaten at the top of the military spending list with $997 billion. It alone accounted for more than a third, or 37%, of global military spending.

China, the world’s second largest military spender, increased its expenditure by 7% to an estimated $314 billion, marking three decades of consecutive growth.

All NATO members increased their military expenditure

Total military spending by NATO members amounted to about $1.5 trillion, SIPRI said.

All 32 NATO members increased their spending in 2024, with 18 spending at least 2% of GDP.

European NATO members spent $454 billion in total, representing 30% of total spending across the alliance.

SIPRI researcher Jade Guiberteau Ricard said the increase among European NATO members was driven primarily by the ongoing Russian threat and concerns about possible US disengagement within the alliance.

“It is worth saying that boosting spending alone will not necessarily translate into significantly greater military capability or independence from the USA. Those are far more complex tasks.”

Middle East military spending soars

Military expenditure in the Middle East reached an estimated $243 billion in 2024, an increase of 15% from 2023, SIPRI said.

Israel’s expenditure surged by 65% to $46.5 billion amid the war in the Gaza Strip and escalated conflict with Hezbollah in Lebanon.

Lebanon’s spending rose by 58% to $635 million, after several years of lower spending due to economic crisis and political turmoil.

However, Iran’s expenditure fell by 10% in real terms to $7.9 billion as the impact of sanctions limited its capacity to increase spending.

Source: dpa

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