Global military spending has hit a record high of $2440bn (£1970bn) according to a report. This is because government spending on arms has grown at the fastest rate in over ten years.
According to The Guardian, the 6.8% rise from 2022 to 2023 was the biggest since 2009, and it made spending the highest it has ever been in the 60-year history of the Stockholm International Peace Research Institute (Sipri).
The think tank’s researchers saw a rise in military spending in all five areas for the first time: Africa, Europe, the Middle East, Asia and Oceania, and the Americas.
Senior researcher Nan Tian with Sipri’s military spending and arms production program said that as governments rushed to arm themselves, there was a greater chance of an accident that would start a war. He said, “The unprecedented rise in military spending is a direct response to the loss of peace and security around the world.”
The Stockholm International Peace Research Institute (SIPRI) report says that the rise in military spending is because of the worsening of peace and security around the world. In reaction to rising tensions and instability, states are increasing their reliance on military power.
The Defence Budget for the Financial Year 2024-25 in India has increased significantly over the previous five years, reaching an unprecedented Rs 6,21,540.85 crore.
The budgetary amount has increased dramatically, by roughly 1 lakh crore (18.35%) from FY 2022-23 and by 4.72% from FY 23-24. The increase in defense spending observed in India is consistent with a global trend of rising military expenses.
The Stockholm International Peace Research Institute (SIPRI) recently released figures indicating that global military spending will reach $2,443 billion by 2023. This is 6.8% higher than the previous year.
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According to a new analysis by the Stockholm International Peace Research Institute (SIPRI), global military spending will reach an all-time high of USD 2.4 trillion in 2023, the largest increase in more than a decade.
The study says that the rise in military spending shows that geopolitical tensions and global insecurity are getting worse. The $2,4 trillion spent is a big increase of 6.8 percent in real terms from the previous year. It is the biggest year-over-year increase since 2009!
In 2023, the defense expenditures of the United States, China, and Russia, three of the ten largest spenders, all increased significantly. Furthermore, military expenditures increased across all five geographical regions analyzed by SIPRI.
The largest increases were observed in the Middle East, Asia and Oceania, and Europe. Due to Middle Eastern conflict and unrest, military expenditures have increased at the most rapid rate annually for the previous decade. In 2023, India augmented its military expenditure by USD 83.6 billion, representing a growth of 4.2% over the preceding year and positioning it as the fourth largest Pentagon spender globally.
India is committed to improving its defense skills in response to changing security threats.
All five of SIPRI’s geographical areas saw an increase in military spending. Europe, Asia and Oceania, and the Middle East saw the biggest increases. As the study says, the 10 biggest spenders in 2023 all increased their military spending. The US, China, and Russia were the top three.
The US spent USD 916 billion, or 38% of the total, on its military, making it the country with the highest military spending in the world. China, which has the world’s second-largest military budget, spent about USD 296 billion on its military in 2023. This was the 29th year in a row that China’s military spending went up. China spent half of all the money spent on defense in Asia and Oceania.
Russia spent an extra 24% more on its military in 2023, which was about USD 109 billion. This accounted for 16% of the country’s total government spending, a 57% rise from 2014. The paper also discusses how military spending in the Middle East has increased significantly. It will reach USD 200 billion in 2023, a 9.0% increase over the previous year.
This growth, which is the region’s greatest yearly rate in the last ten years, indicates that conflicts and tensions are worsening in the area. As global geopolitical tensions rise, countries increase the resources available to their militaries. This is part of a broader trend of increased militarization and strategic competitiveness. India’s significant investment in military demonstrates that it is prepared to face new challenges and preserve its national interests in a world where politics are becoming less stable.
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Russia spent an additional 24% more on its military in 2023, totaling almost USD 109 billion. This accounted for 16% of the country’s total government spending, a 57% rise from 2014. The paper also discusses how military spending in the Middle East has increased significantly.
It will reach USD 200 billion in 2023, a 9.0% increase over the previous year. This growth, which is the region’s greatest yearly rate in the last ten years, indicates that conflicts and tensions are worsening in the area. As global geopolitical tensions rise, countries increase the resources available to their militaries.
This is part of a broader trend of increased militarization and strategic competitiveness. India’s significant investment in military demonstrates that it is prepared to face new challenges and preserve its national interests in a world where politics are becoming less stable.
