World military spending hits $2.7 trillion in record 2024 surge
STOCKHOLM, April 28 (Reuters) - \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 U.S. 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 U.S. rose by 5.7% per cent 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
Reuters
9 minutes ago
- Reuters
South African rand shrugs off weak manufacturing data
JOHANNESBURG, June 10 (Reuters) - The South African rand strengthened on Tuesday despite a sharp contraction in local manufacturing output, as investors waited for more clarity on U.S.-China trade talks. At 1415 GMT, the rand traded at 17.69 against the dollar , about 0.2% stronger than Monday's closing level. South Africa's manufacturing output (ZAMAN=ECI), opens new tab fell 6.3% year on year in April, the sixth consecutive monthly decline, statistics agency data showed on Tuesday. Analysts polled by Reuters had expected a drop of 3.9%. Weakness in the manufacturing sector was one factor behind the first quarter's sluggish growth of just 0.1%(ZAGDPN=ECI), opens new tab, offsetting a strong performance by agriculture. The rand was also supported on Tuesday by a stronger global gold price and by a weaker U.S. dollar . The Johannesburg Stock Exchange's Top-40 index (.JTOPI), opens new tab was last up 0.6%. The benchmark 2035 government bond was stronger, as the yield fell 4 basis points to 10.095%.
Powys County Times
31 minutes ago
- Powys County Times
Investments in UK tech sector will create hundreds of jobs, says Government
Hundreds of jobs are set to be created across the UK as part of a raft of investments in the technology sector, the Government has announced. It comes as Science and Technology Secretary Peter Kyle told an audience at London Tech Week that the UK must be at 'the cutting edge' of rapidly growing technologies, such as AI. The technology sector is a key area of the Government's efforts to accelerate growth in the UK economy, in a bid to support efforts to increase spending. On Tuesday, a number of 'significant investments' in the sector were announced in areas including AI and fintech, which will see some companies setting up in the UK for the first time. Liquidity, a US-based AI fintech business, revealed it will launch its European headquarters in London as part of a plan to invest an additional £1.5 billion over the next five years. Meanwhile, Capgemini said it will expand UK operations with a new London headquarters. Netcompany, a Danish IT consultancy, will also invest £2 million to expand its Leeds office and is launching a new site in Edinburgh, which will ultimately create 150 jobs. Other investments include InnovX AI, a major European start-up hub, investing £14.7 million in a new London technology site, creating 30 jobs. Mr Kyle said: 'We have all seen over the last few years, just how rapidly and profoundly technologies like AI are transforming the economy, and our society. 'Britain can – and must – be at the cutting edge of this change. 'The era of hesitancy is over: we can be the masters of our fate, and through the measures I am announcing today, we will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.' The Government said on Tuesday that it was opening its Science and Technology Venture Capital Fellowship for a second cohort and round of applications, to increase the capacity of the UK financial sector to invest in start-up businesses in the sector. Business and Trade Secretary Jonathan Reynolds said: 'Securing valuable high-tech investment is an integral mission of this government and seeing global investors put billions in the UK economy shows the plan for change is working, with more and more companies choosing Britain. 'With tech being identified as a key growth sector in our upcoming modern industrial strategy, we're not only helping attract and secure investment, but delivering long-term, stable growth that supports skilled jobs and raises living standards across the UK.'
Reuters
an hour ago
- Reuters
Kenya central bank cuts main lending rate to 9.75%
NAIROBI, June 10 (Reuters) - Kenya's central bank cut its benchmark lending rate (KECBIR=ECI), opens new tab to 9.75% on Tuesday from 10.00% previously, the bank's Monetary Policy Committee said. It was the sixth monetary policy meeting in a row that the Central Bank of Kenya has lowered the rate. "There was scope for a further easing of the monetary policy stance to augment the previous policy actions aimed at stimulating lending by banks to the private sector and supporting economic activity," the bank said in a statement. Economists polled by Reuters had been divided on what the central bank's decision would be. Out of seven forecasts three were for a cut, three for no change in the policy rate and one for a hike.
