World military spending hits 2.7 trillion USD in record 2024 surge
(VOVWORLD) - World military expenditure reached 2.72 trillion USD in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.
Heightened geopolitical tension saw increased military spending in all world regions, with particularly rapid growth in both Europe and the Middle East, data from the Stockholm International Peace Research Institute (SIPRI) showed.
"Over 100 countries around the world raised their military spending in 2024," SIPRI said. "As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come," it said.
The conflict in Ukraine and doubts over US commitment to the NATO-alliance saw military spending in Europe, including Russia, rise by 17%, pushing European military spending beyond the level recorded at the end of the Cold War.