Global military spending rose to a record $2.72 trillion in 2024, up 9.4% from 2023, according to a new report by the Stockholm International Peace Research Institute (SIPRI). This is the largest annual jump in spending since the end of the Cold War, Reuters reports.
According to SIPRI, more than 100 countries have increased their defence budgets amid growing geopolitical tensions. Particularly sharp increases have been recorded in Europe and the Middle East. The institute warns that the preference for security over other budget priorities can have lasting economic and social consequences.
Europe, including Russia, increased its spending by 17%, exceeding the level of the end of the Cold War.
Russia increased its military spending by 38%, to $149bn, which is 7.1% of its GDP and 19% of government spending. Ukraine invested $64.7bn in its defence, up 2.9% year-on-year, equivalent to 4% of GDP and 43% of Russian spending.
SIPRI notes: Ukraine currently allocates almost all tax revenues to the army, which puts significant pressure on the state’s finances.
US military spending also increased by 5.7% to $997 billion. Thus, the United States provides 66% of NATO’s defence spending and 37% of global military spending.
