Global military spending reached 2.72 trillion US dollars in 2024, up 9.4% from 2023 and the fastest annual increase since at least the end of the Cold War, according to a report released on Monday, the 28th of April, by the Stockholm International Peace Research Institute (SIPRI), a leading conflict research centre, reports Reuters.
As geopolitical tensions rose, military spending increased in all regions of the world, with particularly sharp increases in both Europe and the Middle East, the data showed.
“More than 100 countries around the world increased their military spending in 2024,” SIPRI said. “As countries increasingly prioritise military security, often at the expense of other budget areas, the trade-offs made in the economic and social spheres could have significant implications for societies in the years to come,” the report says.
The war in Ukraine and uncertainty about the US commitment to the NATO alliance increased military spending in Europe (including Russia) by 17%, bringing European military spending above the levels seen at the end of the Cold War.
Russia’s military spending reached 149 billion US dollars in 2024, 38% more than in 2023 and twice as much as in 2015. This amount represented 7.1% of Russia’s GDP and 19% of all government spending.
Ukraine’s total military spending increased by 2.9% to 64.7 billion dollars. While this amount corresponds to only 43% of all Russian military expenditure, for Ukraine it is equivalent to 34% of its GDP. This means that it has the highest military burden of all countries.
“Ukraine currently diverts all its tax revenues to military purposes,” SIPRI points out. “In such a tight fiscal situation, it will be difficult for Ukraine to continue to increase its military spending.”
US military spending increased by 5.7% to 997 billion US dollars, equivalent to 66% of all NATO spending and 37% of global military spending in 2024.
Global conflicts increase military spending to 2.7 trillion dollars – all-time high since the Cold War
