Global military expenditure in 2023 reaches all-time high

(VOVWORLD) - Global military expenditure saw its steepest increase in more than a decade in 2023, reaching an all-time high of 2.4 trillion USD as rising tensions fueled spending across the world, the Stockholm International Peace Research Institute said Monday.

There was a 6.8% increase in military spending in 2023, the sharpest rise since 2009.

The US, China, Russia, and India were the four top military spenders, with the US seeing a 2.3% rise in military spending in 2023 to 916 billion USD.

China’s military spending totaled 296 billion USD, up 6% from 2022, marking the 29th consecutive year of increased military spending by Beijing.

Russia spent 109 billion USD and India spent 84 billion USD.

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Global military expenditure in 2023 reaches all-time high

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