Kathmandu. According to the latest report released by the Stockholm International Peace Research Institute (SIPRI) on Monday, military spending worldwide reached $ 2.72 trillion in 2024. This is an increase of 9.4 percent compared to 2023.
Military spending has increased in all parts of the world amid rising geopolitical tensions, according to statistics. Countries in Europe and the Middle East, in particular, have increased military spending significantly. “More than 100 countries around the world significantly increased their military spending in 2024,” sipri said in its report, adding that governments often prioritize military security at the expense of other budgetary sectors, which will affect economic and social trade. ’
According to a Reuters report, sipri’s report shows europe’s military spending has increased significantly after the Ukraine war and this is the first time since the Cold War that Europe has increased its military spending significantly. Russia’s military spending is expected to reach $149 billion by 2024. That’s 38 percent higher than 2023 and double the level of 2015. It accounts for 7.1 percent of Russia’s GDP and 19 percent of all government spending.
Ukraine’s total military spending increased by 2.9 percent to $64.7 billion. That’s equivalent to 43 percent of Russia’s spending. In 2024, Ukraine paid the most to buy weapons. According to the SIPRI report, Ukraine currently spends more than 34 percent of its revenue on arms purchases.
In addition, the US has increased its military spending by 5.7 percent. U.S. military spending is expected to reach $997 billion in 2024. That’s 66 percent of total NATO spending and 37 percent of world military spending in 2024.
The top five military spending countries include the US, China, Russia, Germany and India, accounting for 60 per cent of the total global arms spending, according to the latest data. Together, these five countries have spent $ 1.635 trillion on weapons.
China is the world’s second-largest military spender. China has increased its military spending by 7 percent compared to 2023. China’s military spending is expected to reach $314 billion in 2024. Which is a steady growth of three decades.
Japan’s military spending is expected to increase by 21 percent to $55.3 billion in 2024. This is the largest annual increase since 1952.
India’s military spending, which ranks fifth in global defence spending, is projected to grow by 1.6 per cent to $86.1 billion in 2024. Taiwan’s spending is projected to increase by 1.8 percent to $16.5 billion in 2024.
Pakistan is ranked 29th on the list. Pakistan spent $10.2 billion on arms purchases in 2024. – Agency
