Washington [US], April 28: World military spending will reach $2.72 trillion in 2024, up 9.4% from 2023 and the strongest year-on-year increase since the end of the Cold War.
Reuters on April 28 cited data from the Stockholm International Peace Research Institute (SIPRI-Sweden) showing that rising geopolitical tensions have caused military spending to increase in every region of the world, especially in Europe and the Middle East.
"More than 100 countries around the world have increased military spending by 2024. As governments increasingly prioritize military security, often at the expense of other areas of the budget, the economic and social trade-offs could have a significant impact on the country for years to come," the SIPRI report said.
The Russia-Ukraine conflict and doubts about the U.S. commitment to the North Atlantic Treaty Organization (NATO) have caused military spending in Europe (including Russia) to increase by 17%, pushing the continent's military spending beyond the levels recorded at the end of the Cold War.
Russia's military spending is estimated to reach $149 billion in 2024, up 38% from 2023 and double the level in 2015. This figure accounts for 7.1% of Russia's GDP and 19% of total government spending.
Ukraine's total military spending increased by 2.9% to $64.7 billion, or 43% of Russian spending. With 34% of GDP, Ukraine is the country with the largest military burden in 2024.
"Ukraine is now allocating all tax revenues to the military. In such a tight financial space, it will be very difficult for Ukraine to continue to increase military spending," SIPRI said.
US military spending also increased by 5.7% to $997 billion, accounting for 66% of total NATO spending and 37% of world military spending in 2024.
Source: Thanh Nien Newspaper
