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Global Military Spending Reaches Record $2.718 Trillion in 2024
According to SIPRI, global military spending rose by 9.4% in 2024 to $2.718 trillion. The US, China, Russia, Germany, and India accounted for the majority of expenditures.
According to a new report by the Stockholm International Peace Research Institute (SIPRI), global military spending in 2024 reached $2.718 trillion. This marks a 9.4 percent increase from 2023, the most significant rise in defense budgets since the end of the Cold War.
Five countries — the United States, China, Russia, Germany, and India — accounted for 60 percent of global defense expenditures, totaling $1.635 trillion. The United States remained the top spender, followed by China and Russia. Germany and India also increased their defense budgets, solidifying their positions among the top five global spenders.
Europe and the Middle East showed the highest growth rates in defense spending among all regions. The increase is attributed to changes in global security dynamics and a rise in local and regional conflicts. European countries continue to expand their military budgets amid ongoing instability.
The share of global GDP allocated to defense rose to 2.5 percent. More than 100 countries increased their defense spending in 2024. SIPRI researchers note that rising security expenditures come at the expense of other sectors, which could impact long-term economic and social development.
The report highlights a continuing trend of militarization amid worsening global tensions. Leading nations view the strengthening of their armed forces as necessary for protecting national interests and enhancing geopolitical influence. Experts warn of potential economic and social consequences due to resource shifts toward defense.
The global trend points to a new era in which security priorities increasingly shape public policy. Continued growth in military spending in the coming years will depend on the evolution of the international landscape and countries' ability to adapt to emerging challenges.
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