Record-Breaking $2440bn Global Defence Budget: Largest Annual Increase in Military Spending in Over a Decade
The global defense budget has reached a record high of $2440bn, marking the largest annual increase in military spending in over a decade, according to the Stockholm International Peace Research Institute (Sipri).
This 6.8% rise was observed in all five geographical regions: Africa, Europe, the Middle East, Asia and Oceania, and the Americas.
This is the highest amount recorded by Sipri in its 60-year history.
Nan Tian, a researcher at Sipri, expressed concern about the heightened risk of an unintended conflict due to the significant increase in military spending by countries.
The US and China, the two largest spenders, accounted for nearly half of the global military expenditure, with the US increasing its spending by 9.4% and China by 6%.
This rise in military spending is a response to the deteriorating peace and security situation globally.
The focus on military strength could lead to an action-reaction spiral in the volatile geopolitical landscape.
The US is prioritizing technological advancements, increasing its spending on research and development by 9.4%.
Since 2014, the US has shifted its military focus from counter-insurgency operations to developing advanced weapon systems in response to conflicts with adversaries like Russia and China.
China, as the world's second largest military spender, is projected to allocate $296bn in 2023, a 6% increase from 2022.