Official government budgets and SIPRI report

Global Military Spending Hits Record $2.44 Trillion in 2023, Up 7%

Apr 21, 2024, 11:17 PM

Global military spending has surged to a record high, reaching approximately $2.44 trillion in 2023, marking a nearly 7% increase from the previous year and the highest year-on-year rise since 2009. This unprecedented rise in defense budgets has been reported across all five geographical regions, a phenomenon not observed before. The Stockholm International Peace Research Institute (SIPRI) attributes this increase to escalating conflicts worldwide. Additionally, specific regional tensions, such as those in East Asia, where military spending rose by 6.2% due to growing tensions with China, have also contributed to this spike.