The world military expenditure will reach 2.72 billion dollars in 2024, which represents an increase of 9.4% compared to 2023 and the largest year -on -year rise since, at least, the end of the cold war, according to a report published Monday by an outstanding group of conflict experts.
The increase in geopolitical tension resulted in an increase in military spending in all regions of the world, although growth was especially rapid in Europe and the Middle East, according to data from the International Stockholm Institute for Peace Research (SIPRI).
“More than 100 countries around the world increased their military spending in 2024,” said the Sipri. “As governments give more and more priority to military security, often at the expense of other budgetary areas, economic and social could be significant in societies in the coming years,” he said.
The Ukraine War and doubts about the United States commitment to NATO have caused an increase in military spending in Europe (including Russia) of 17%, which has made European military expenditure exceed the level recorded at the end of the Cold War.
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Russia’s military spending reached an estimated figure of 149,000 million dollars in 2024, 38% more than in 2023 and double that in 2015. This represented 7.1% of Russian GDP and 19% of all public spending.
The total military expenditure of Ukraine grew 2.9% to 64.7 billion dollars, which is equivalent to 43% of Russia’s expenditure. With 34% of GDP, Ukraine will have the largest military burden of all countries in 2024.
“Ukraine currently allocates all his fiscal income to his army,” said the Sipri. “In such a adjusted fiscal space, it will be a challenge for Ukraine to continue increasing its military spending.”
The military expenditure of the United States increased 5.7% to 997,000 million dollars, which represents 66% of NATO’s total expenditure and 37% of world military expenditure in 2024.
With Reuters information.
