Global military spending hits record $2.443 trillion
The world is increasingly focusing on bolstering its military capabilities. The Stockholm International Peace Research Institute report reveals that military expenditures in 2023 soared to $2.443 trillion, marking a nearly 7 percent rise from the previous year and setting a new record.
5:19 PM EDT, April 23, 2024
More than half of this sum, approximately $1.341 trillion, was spent by the 31 NATO members. The United States took the lead with a substantial contribution. Under Joe Biden's administration, the USA allocated as much as $916 billion to defense, reflecting an annual increase of 2.3 percent. This spending accounts for 68 percent of the total defense costs of all NATO countries.
Among European nations, Poland is the country that registered the highest yearly increase with a surge of 75 percent. Poland's total expenditure on military rearmament reached $31.6 billion.
Russia and China's significant military investments
The report portrays NATO countries' military spending as nearly ten times greater than Russia's. In the Kremlin, around $109 billion was allocated to defense last year. Concurrently, the report sheds light on Ukraine's situation, which is currently resisting Putin's aggression.
Ukraine dedicated $64 billion to its defense efforts last year, marking a 50 percent increase from the year before. Additionally, the country benefited from a support package from Western allies. In 2023, the assistance amounted to $35 billion, with the United States contributing over $25 billion.
China is ranked second in global defense spending. The nation invested approximately $296 billion in its military, continuing its defense budget growth for the 29th consecutive year. Other Asian countries have also upped their defense budgets: Japan allocated $50.2 billion (an 11 percent increase), Taiwan $16.6 billion (also up by 11 percent), and India $83.6 billion, securing the fourth position globally.
