logo
Military spending in 2024 rises unprecedented 9.4% to $2.72 trillion

Military spending in 2024 rises unprecedented 9.4% to $2.72 trillion

Kyodo News05-05-2025

KYODO NEWS - Apr 28, 2025 - 12:22 | All, World
Global military expenditures in 2024 rose 9.4 percent from the year before to a record $2.72 trillion, an international security think tank said Monday, logging the steepest hike since it began compiling the data in 1988.
The figure climbed for the 10th consecutive year, with recent increases reflecting Russia's full-scale war on Ukraine that began in February 2022 and heightened tensions in the Middle East, the Stockholm International Peace Research Institute said.
"Over 100 countries around the world raised their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come," said Xiao Liang, researcher at the institute's Military Expenditure and Arms Production Program, in a statement.
By country, the United States topped the list with outlays of $997 billion, up 5.7 percent, while China raised its spending by 7.0 percent to an estimated $314 billion, with the two countries accounting for nearly half of the global total. Russia, Germany and India followed behind the two superpowers.
Russia boosted spending by 38 percent to an estimated $149 billion, double the level in 2015 but the actual amount is likely to be higher as part of its expenditure was marked as classified in 2024.
Outlays by Ukraine, ranking eighth, grew 2.9 percent to $64.7 billion. The figure represents 34 percent of its gross domestic product, the largest share among all countries in 2024, it said.
In Asia, China's spending rose for the 30th straight year, accounting for 50 percent of all military spending in Asia and Oceania.
Japan's military spending rose 21 percent to $55.3 billion, the largest annual increase since 1952, and comprised 1.4 percent of the country's GDP, the highest ratio since 1958. The country placed 10th in the world ranking, the same as the previous year.
"Major military spenders in the Asia-Pacific region are investing increasing resources into advanced military capabilities," said Nan Tian, another SIPRI researcher. "With several unresolved disputes and mounting tensions, these investments risk sending the regions into a dangerous arms-race spiral."
Israel's military expenditure surged by 65 percent to $46.5 billion, climbing to 12th from 14th the previous year, as it continued to attack Gaza and was engaged in conflict with the Hezbollah militant group in southern Lebanon.
Related coverage:
North Korea confirms troop deployment to Russia under bilateral pact
Japan defense vessels stop at China-funded naval base in Cambodia
Japan to spend 1.8% of GDP on defense in 2025, 2% target in sight

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

World Bank slashes global growth forecast as trade tensions bite
World Bank slashes global growth forecast as trade tensions bite

Japan Times

timean hour ago

  • Japan Times

World Bank slashes global growth forecast as trade tensions bite

The World Bank on Tuesday slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70% of all economies — including the United States, China and Europe, as well as six emerging market regions — from the levels it projected just six months ago before U.S. President Donald Trump took office. Trump has upended global trade with a series of on-again, off-again tariff hikes that have increased the effective U.S. tariff rate from below 3% to the mid-teens — its highest level in almost a century — and triggered retaliation by China and other countries. The World Bank is the latest body to cut its growth forecast as a result of Trump's erratic trade policies, although U.S. officials insist the negative consequences will be offset by a surge in investment and still-to-be approved tax cuts. The bank stopped short of forecasting a recession, but said global economic growth this year would be its weakest outside of a recession since 2008. By 2027, global gross domestic product growth was expected to average just 2.5%, the slowest pace of any decade since the 1960s. The report forecast that global trade would grow by 1.8% in 2025, down from 3.4% in 2024 and roughly a third of its 5.9% level in the 2000s. The forecast is based on tariffs in effect as of late May, including a 10% U.S. tariff on imports from most countries. It excludes increases announced by Trump in April and then postponed until July 9 to allow for negotiations. The bank said global inflation was expected to reach 2.9% in 2025, remaining above pre-COVID levels, given tariff increases and tight labor markets. "Risks to the global outlook remain tilted decidedly to the downside," the bank wrote. It said its models showed that a further 10-percentage point increase in average U.S. tariffs, on top of the 10% rate already implemented, and proportional retaliation by other countries, could shave another 0.5 percentage point off the outlook for 2025. Such an escalation in trade barriers would result "in global trade seizing up in the second half of this year ... accompanied by a widespread collapse in confidence, surging uncertainty and turmoil in financial markets," the report said. Nonetheless, it said the risk of a global recession was less than 10%. 'Fog on a runway' Top officials from the United States and China are meeting in London this week to try to defuse a trade dispute that has widened from tariffs to restrictions over rare earth minerals, threatening a global supply chain shock and slower growth. "Uncertainty remains a powerful drag, like fog on a runway. It slows investment and clouds the outlook," World Bank Deputy Chief Economist Ayhan Kose said in an interview. But he said there were signs of increased dialogue on trade that could help dispel uncertainty, and supply chains were adapting to a new global trade map, not collapsing. Global trade growth could see a modest rebound in 2026 to 2.4%, and developments in artificial intelligence could also boost growth, he said. "We think that eventually the uncertainty will decline," he said. "Once the type of fog we have lifts, the trade engine may start running again, but at a slower pace." Kose said while things could get worse, trade was continuing and China, India and others were still delivering robust growth. Many countries were also discussing new trade partnerships that could pay dividends later, he said. U.S. growth forecast cut sharply The World Bank said the global outlook had "deteriorated substantially" since January, mainly due to advanced economies, now seen growing by just 1.2%, down half a point, after expanding 1.7% in 2024. The U.S. forecast was slashed by 0.9 percentage point from its January forecast to 1.4%, and the 2026 outlook was lowered by 0.4 percentage point to 1.6%. Rising trade barriers, "record-high uncertainty" and a spike in financial market volatility were expected to weigh on private consumption, trade and investment, it said. Growth estimates in the euro area were cut by 0.3 percentage point to 0.7% and in Japan by 0.5 percentage point to 0.7%. It said emerging markets and developing economies were expected to grow by 3.8% in 2025 versus 4.1% in January's forecast. Poor countries would suffer the most, the report said. By 2027 developing economies' per capita GDP would be 6% below pre-pandemic levels, and it could take these countries — minus China — two decades to recoup the economic losses of the 2020s. Mexico, heavily dependent on trade with the U.S., saw its growth forecast cut by 1.3 percentage points to 0.2% in 2025. The World Bank left its forecast for China unchanged at 4.5% from January, saying Beijing still had monetary and fiscal space to support its economy and stimulate growth.

Kyodo News Digest: June 10, 2025
Kyodo News Digest: June 10, 2025

Kyodo News

time3 hours ago

  • Kyodo News

Kyodo News Digest: June 10, 2025

KYODO NEWS - 2 hours ago - 20:00 | All, World, Japan The following is the latest list of selected news summaries by Kyodo News. ---------- G7 leaders may skip joint declaration, 1st since 2014: Japan source TOKYO - The Group of Seven nations are likely to skip a joint statement at the end of an upcoming three-day summit in Canada, a Japanese government source said Tuesday, marking the first time since 2014 the meeting would conclude without a consensus document. The move is apparently aimed at preventing the G7, known for its unity in tacking global challenges, from exposing internal divisions as leaders gather for their first in-person meeting since U.S. President Donald Trump took office in January. ---------- Japan ruling bloc OKs campaigning on cash handouts in summer election TOKYO - Japan's ruling parties agreed Tuesday to include cash handouts for households hit by rising prices in their platforms for this summer's House of Councillors election, senior lawmakers said. The Constitutional Democratic Party of Japan, the main opposition force, unveiled its election pledges Tuesday, highlighting a proposal to suspend the 8 percent consumption tax on food for at least one year, in sharp contrast with the ruling Liberal Democratic Party, which opposes tax cuts. ---------- Japan urges Iran not to "miss opportunity" for nuke deal with U.S. TOKYO - Japanese Foreign Minister Takeshi Iwaya on Tuesday urged his Iranian counterpart not to "miss the opportunity" to reach a nuclear deal with the United States, as Japan seeks to help advance what appears to be delicate bilateral negotiations. During their phone talks, Iwaya was also quoted by his ministry as telling Foreign Minister Seyyed Abbas Araghchi that Japan will continue to make "utmost diplomatic efforts" toward a peaceful resolution, while they agreed to keep close communication. ---------- China's Xi urges new S. Korean leader Lee to improve bilateral ties BEIJING - Chinese President Xi Jinping urged new South Korean President Lee Jae Myung to promote a bilateral strategic cooperative partnership in their first telephone conversation on Tuesday, the Chinese Foreign Ministry said. In a veiled reference to high U.S. tariffs imposed under President Donald Trump, Xi called for China and South Korea to "jointly safeguard multilateralism and free trade" and "ensure the stable and smooth functioning of global and regional industrial and supply chains," the ministry said. ---------- Toyota, Daimler ink Japanese truck units merger deal for April 2026 TOKYO - Toyota Motor Corp. and Daimler Truck Holding AG said Tuesday they concluded an agreement to merge their Japanese truck subsidiaries under a new holding company, aiming to boost competitiveness and better respond to challenges posed by energy transition and technological innovation. Hino Motors Ltd., a subsidiary of Toyota Motor, and Mitsubishi Fuso Truck and Bus Corp., a unit of Daimler, will operate under the holding company to be set up in April 2026 and listed on the Tokyo Stock Exchange's Prime Market, with the parent companies each holding a 25 percent stake in the new firm. ---------- 4-meter-long sinkhole appears in southwestern Japan, no one injured FUKUOKA - A 4-meter-long sinkhole opened near a busy shopping district in central Fukuoka on Tuesday morning, forcing a closure of the area, though no injuries were reported. Police received an emergency call at 9:50 a.m. reporting a collapsed sidewalk along a major road in the city. The hole, which spanned both the road and the sidewalk, measured about 2 meters wide and 2 meters deep, they said. ---------- Ex-Taiwan ruling party members indicted over spying for China TAIPEI - Four former members of Taiwan's ruling party were indicted Tuesday over spying for mainland China in violation of the self-ruled island's security laws. The Taipei District Prosecutors Office said the four male suspects, including a former aide to former Foreign Minister Joseph Wu, had collaborated to gather and provide confidential government information to Chinese intelligence agents. ---------- Over half obtain political news via mass media in Japan: survey TOKYO - Over half of respondents said they obtain news about elections and politics from the mass media, while about 10 percent rely on social media, according to a survey released Tuesday by a think tank affiliated with an internet news app company. Although the mass media has recently been criticized for lacking neutrality and objectivity, 68.7 percent said the information they provide is "reliable," with 9.0 percent rating it "very reliable" and 59.7 percent "relatively reliable." Video: Rainy season begins in western, central Japan regions

Toyota proposes selling U.S. cars in Japan to promote tariff talks
Toyota proposes selling U.S. cars in Japan to promote tariff talks

Kyodo News

time3 hours ago

  • Kyodo News

Toyota proposes selling U.S. cars in Japan to promote tariff talks

KYODO NEWS - 13 minutes ago - 21:15 | All, World, Japan Toyota Motor Corp. has proposed to the government that it sell U.S.-made cars in Japan through its domestic dealership network, the company said in an online video. The proposal is intended to support Japan's trade negotiations with the United States over President Donald Trump's tariffs. Observers said increased imports of U.S.-made cars could help narrow the large U.S. trade deficit, a source of frustration for Trump. According to a video released on Monday, Chairman Akio Toyoda informed Prime Minister Shigeru Ishiba during their May meeting that Toyota would be able to sell vehicles manufactured by U.S. automakers through its network of over 4,000 stores in Japan. The video also revealed Toyoda's willingness to consider reimporting U.S.-produced automobiles to Japan as an option. Under Trump's so-called reciprocal tariff regime, announced on April 2, nearly every nation in the world has been hit with a baseline duty of 10 percent, with Japan facing an additional country-specific tariff of 14 percent for a total rate of 24 percent. Japan, meanwhile, has been affected by Trump's extra 25 percent tariff on automobiles, along with other sector-specific levies imposed on national security grounds. Tokyo presented a package of proposals to Washington to reach a deal. Ryosei Akazawa, Japan's top tariff negotiator known as a close aide to Ishiba, is expected to visit the United States later this week for a sixth round of ministerial-level talks aimed at securing concessions over the series of tariffs. Related coverage: Japan, U.S. eye Ishiba-Trump summit in Canada on G7 margins Japan's top negotiator eyes U.S. trip this week for 6th tariff talks

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store