Stockholm: A study revealed that global military expenditure reached an all-time high of $2.4 trillion in 2023. This is the steepest increase in over a decade. Report published by the Stockholm International Peace Research Institute (SIPRI) revealed this.
‘Total global military expenditure reached $2443 billion in 2023, an increase of 6.8 percent in real terms from 2022. This was the steepest year-on-year increase since 2009. The 10 largest spenders in 2023, led by the United States, China, and Russia, all increased their military spending ,’ the Stockholm International Peace Research Institute (SIPRI) said. The data is available at www.sipri.org.
Top 10 countries with highest military spending in 2023
1. United States: $916 billion
2. China: $296 billion (estimated)
3. Russia: $109 billion (estimated)
4. India: $83.6 billion
5. Saudi Arabia: $ 75.8 billion (estimated)
6. United Kingdom: $74.9 billion
7. Germany: $66.8 billion
8. Ukraine: $64.8 billion
9. France: $61.3 billion
10. Japan: $50.32 billion
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‘World military expenditure increased for the ninth consecutive year in 2023, reaching a total of $2443 billion. The 6.8 percent increase in 2023 was the steepest year-on-year rise since 2009 and pushed global spending to the highest level SIPRI has ever recorded. The world military burden—defined as military spending as a percentage of global gross domestic product (GDP)—increased to 2.3 percent in 2023. Average military expenditure as a share of government expenditure rose by 0.4 percentage points to 6.9 percent in 2023 and world military spending per person was the highest since 1990, at $306,’ says a portion of the report from www.sipri.org.
As per report, China allowed an estimated $296 billion to the military in 2023, an increase of 6.0 percent from 2022. This was the 29th consecutive year-on-year rise in China’s military expenditure. China accounted for half of total military spending across the Asia and Oceania region.
Russia’s military spending increased by 24 percent to an estimated $109 billion in 2023, marking a 57 percent rise since 2014. In 2023 Russia’s military spending made up 16 percent of total government spending and military spending as a share of gross domestic product, GDP was 5.9 percent.
India’s military expenditure made a a 4.2 per cent increase from 2022 and a substantial 44 per cent rise from 2014. The surge in India’s military spending was primarily due to escalating personnel and operations costs, comprising nearly 80 per cent of the total military budget for 2023.
Global military spending surges amid war, rising tensions and insecurity. New SIPRI data on global #MilitarySpending out now.
Press Release ?? https://t.co/BkbWzJlqIv
Fact Sheet ?? https://t.co/JnSD68ghLr#GDAMS2024 pic.twitter.com/PuGBWgVdSB— SIPRI (@SIPRIorg) April 21, 2024
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