Global Defense Spending Hits Record $2.4T in 2023, Up Nearly 7% Since 2009

Apr 21, 2024, 10:34 PM

Global defense spending surged to a record $2.4 trillion in 2023, marking the largest year-on-year increase of nearly 7% since 2009. Driven by ongoing conflicts and rising geopolitical tensions, the growth was most pronounced in Europe, the Middle East, and Asia. This escalation in military expenditures reflects a response to security crises, pushing spending to its highest levels in a decade.