The Stockholm International Peace Research Institute (SIPRI) released its “Trends in World Military Expenditure, 2023 Report,” revealing a record global military spending of $2443 billion, driven by geopolitical tensions and conflicts like the Russian-Ukrainian conflict.
About the Report:
- The “Trends in World Military Expenditure, 2023 Report” was released by the Stockholm International Peace Research Institute (SIPRI).
- SIPRI, established in 1966, is an independent international institute focused on research into conflict, armaments, arms control, and disarmament.
Key Findings of the Report:
- Global Context: The ninth consecutive year of increased military spending culminated in a total of $2443 billion in 2023.
Top Global Spenders:
- The United States led with $916 billion.
- China followed with $296 billion.
- Russia spent $109 billion, a 24% increase.
- India was the fourth-largest spender, allocating $83.6 billion.
Regional Trends:
- All five geographical regions saw increases in military spending.
- Europe experienced significant rises mainly due to the Russian-Ukrainian conflict.
- Ukraine notably increased its military spending by 51%, reaching $64.8 billion.
NATO Spending:
- Military expenditure by NATO member states amounted to $1341 billion, representing 55% of global military spending.
Economic Impact:
- Global military expenditure represented 2.3% of worldwide GDP.
- There was an increased share of government spending dedicated to military budgets.
Geopolitical Influences:
- The record-high spending was largely driven by Russia’s invasion of Ukraine and overarching geopolitical tensions.
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