Global Military Spending Marks Record High in 2024
(MENAFN) Military expenditure worldwide surged to a record USD2.718 trillion in 2024, marking an unprecedented increase driven by ongoing conflicts, growing geopolitical instability, and heightened security concerns, based on the Stockholm International Peace Research Institute (SIPRI) on Monday.
This 9.4 percent rise in real terms compared to 2023 represents the steepest year-on-year increase since at least the end of the Cold War, continuing a trend of growth for the 10th consecutive year.
The data indicates a sharp upward trajectory in global military spending.
The global military burden, which is the percentage of global GDP spent on military expenses, rose to 2.5 percent in 2024, highlighting the growing financial commitment to defense across the world.
Europe (including Russia) emerged as a significant contributor to this global rise, with military spending jumping by 17 percent, reaching USD693 billion.
This increase, largely driven by the ongoing conflict in Ukraine, pushed Europe’s military expenditure beyond Cold War-era levels.
Russia’s defense spending saw a dramatic 38 percent spike, reaching USD149 billion, double its 2015 expenditure, and accounting for 7.1 percent of its GDP.
Ukraine’s military budget also saw a sharp rise, reaching USD64.7 billion, or 43 percent of Russia's spending.
This translated to 34 percent of Ukraine’s GDP, the highest military burden in the world, as per the report.
SIPRI senior researcher Diego Lopes da Silva cautioned that Ukraine may struggle to further increase its military spending due to its limited fiscal capacity.
In addition to its national resources, Ukraine receives substantial financial and military support from its Western allies in its ongoing defense against Russia.
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