Military spending in 2024 rises unprecedented 9.4% to $2.72 trillion
KYODO NEWS - 9 minutes ago - 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.
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