Global Defense Budgets Surge To $2.7 Trillion As Europe And Middle East Lead Steepest Increase Since Cold War: Report

Global defense budgets reached unprecedented levels in 2024, driven by mounting conflicts and geopolitical strains. A new report from the Stockholm International Peace Research Institute (SIPRI) showcases a sensational increase in military spending across the globe.

What Happened: According to SIPRI, military expenditure rose 9.4% to $2.72 trillion. This marks the most drastic annual increase since the Cold War concluded. All regions reported higher defense outlays, with Europe and the Middle East demonstrating particularly speedy growth.

More than 100 nations enhanced their military budgets, often reallocating funds from other crucial sectors. U.S. military expenditure touched $997 billion, making up 66% of NATO’s total and 37% of global defense spending.

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Why It Matters: Europe’s military expenditure, including Russia, soared 17%, moving past Cold War-era numbers. Russia’s defense budget alone rose by 38% to an approximate $149 billion, making up 7.1% of its Gross Domestic Product.

Ukraine, despite major financial difficulties, increased military spending by 2.9% to $64.7 billion, with its defense budget now taking up all available tax revenue.

The report underscores rising concerns about the long-term impact of prioritizing military budgets over social and economic necessities.

SIPRI warns that the trend could restructure societies for decades to come. In Europe, the ongoing war in Ukraine and ambiguity surrounding U.S. NATO support have prompted increased defense spending.

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