Global military expenditures reached $2.72 trillion in 2024, representing a 9.4 percent increase compared to 2023 and the largest annual increase at least since the end of the Cold War, according to a report released on Monday by a leading conflict think tank.
Increased geopolitical tensions have resulted in rising military expenditures across all global regions, with particularly rapid growth in Europe and the Middle East, data from the Stockholm International Peace Research Institute (SIPRI) showed.
– More than 100 countries around the world increased their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budgetary areas, economic and social compromises could significantly impact societies in the years to come – writes SIPRI.
The war in Ukraine and doubts about American commitment to NATO have resulted in a 17 percent increase in military spending in Europe (including Russia), pushing European military spending above levels recorded at the end of the Cold War.
Russian military expenditures are estimated to reach $149 billion in 2024, a 38 percent increase compared to 2023 and double the amount from 2015. This represents 7.1 percent of Russia’s GDP and 19 percent of all state expenditures.
Ukraine’s total military expenditures increased by 2.9 percent to $64.7 billion, which amounts to 43 percent of Russian expenditures. With 34 percent of GDP, Ukraine had the highest military burden of any country in 2024.
– Ukraine is currently allocating all its tax revenues to its military. In such a constrained fiscal space, it will be difficult for Ukraine to continue increasing its military spending – said SIPRI.
U.S. military spending increased by 5.7 percent to $997 billion, accounting for 66 percent of total NATO spending and 37 percent of global military spending in 2024.
