World Military Spending Hits $2.7 Trillion in Record 2024 Surge
World military expenditure reached $2.72 trillion in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.
Heightened geopolitical tension saw increased military spending in all world regions, with particularly rapid growth in both Europe and the Middle East, data from the Stockholm International Peace Research Institute (SIPRI) showed.
'Over 100 countries around the world raised their military spending in 2024,' SIPRI said. '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,' it said.
The war in Ukraine and doubts over US commitment to the NATO-alliance saw military spending in Europe (including Russia) rise by 17%, pushing European military spending beyond the level recorded at the end of the Cold War.
Russia's military expenditure reached an estimated $149 billion in 2024, a 38% increase from 2023 and double the level in 2015. This represented 7.1% of Russia's GDP and 19% of all government spending.
Ukraine's total military expenditure grew by 2.9% to reach $64.7 billion, which amounts to 43% of Russia's spending. At 34% of GDP, Ukraine had the largest military burden of any country in 2024.
'Ukraine currently allocates all of its tax revenues to its military,' SIPRI said. 'In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending.'
Military spending by the US rose by 5.7% percent to reach $997 billion, which was 66% of total NATO spending and 37% of world military spending in 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
7 hours ago
- Asharq Al-Awsat
NATO Chief Urges 400% Increase in Alliance's Air Defense
NATO Secretary General Mark Rutte on Monday was due to urge a "400-percent increase" in the transatlantic alliance's air and missile defense capacities in response to the threat from Russia. "We see in Ukraine how Russia delivers terror from above, so we will strengthen the shield that protects our skies," Rutte was due to say in a speech to the Chatham House think-tank in London, according to comments quoted in a statement. To maintain credible deterrence and defense, he was to say that NATO needs "a 400-percent increase in air and missile defense". His comments come ahead of a NATO summit in the Netherlands this month where US President Donald Trump is pressuring alliance members to announce a major boost in their military budgets. Trump is pushing NATO members to increase their defense spending to five percent of their gross domestic product (GDP), up from the current target of two percent. US Secretary of Defense Pete Hegseth said last week in Brussels that the allies were close to an agreement on the five-percent target, which could be formalized at the summit in The Hague. NATO members have been scrambling to bolster their defense capabilities since Russia launched its war against Ukraine in February 2022. "Danger will not disappear even when the war in Ukraine ends," Rutte was to say, according to AFP. "We need a quantum leap in our collective defense... We must have more forces and capabilities to implement our defense plans in full." "Our militaries also need thousands more armored vehicles and tanks, millions more artillery shells." Rutte will visit London next week, where he is expected to welcome Britain's new defense strategy. Britain announced plans last week to build up to 12 nuclear-powered attack submarines and six munitions factories to rearm the country in response to Russia's invasion of Ukraine.
Al Arabiya
8 hours ago
- Al Arabiya
Poland scrambles jets after major Russian strikes on Ukraine
Poland scrambled fighter jets on Monday morning to secure its airspace after neighboring western Ukraine was hit by major Russian strikes. 'Due to the intensive air attack by the Russian Federation on the territory of Ukraine, Polish and allied aircraft began to operate in Polish airspace in the morning,' Warsaw's Operational Command said in a statement on social media. Russia struck deep beyond the frontlines overnight, hitting western Ukraine with dozens of drones and missiles, according to Rivne Mayor Oleksandr Tretyak, who called it 'the largest attack' on the region. Russia has recently accelerated its campaign against Ukraine, dampening hopes of a ceasefire after a renewed diplomatic push to end the biggest conflict in Europe since World War II. Poland is one of Ukraine's closest allies and serves as a crucial logistics hub for Western military aid to Kyiv. In March 2024, NATO member Poland reported a breach of its airspace by a Russian cruise missile, demanding an explanation from Moscow. A similar incident occurred in December 2023, when a Russian missile penetrated Polish airspace for several minutes before returning to Ukraine.
Al Arabiya
8 hours ago
- Al Arabiya
NATO needs 400 pct. increase in air and missile defense, Rutte will say in London
NATO Secretary General Mark Rutte will use a speech in London on Monday to say the military alliance needs a 400 percent increase in air and missile defense, one of the priorities for a summit of members in the Hague later this month. Rutte will argue in a speech at London's Chatham House think tank that for NATO to maintain credible deterrence and defense, it needs 'a 400 percent increase in air and missile defense.' 'We see in Ukraine how Russia delivers terror from above, so we will strengthen the shield that protects our skies. Our militaries also need thousands more armored vehicles and tanks, millions more artillery shells, and we must double our enabling capabilities, such as logistics, supply, transportation, and medical support,' he will say, according to extracts of his speech provided by his office.
