According to a report by SIPRI, global military spending grew at a rapid rate of 6.8%, the steepest increase in over a decade in 2023. India is among the top five spenders with an annual spending of $83.6 billion.
In 2023, global military expenditure experienced its most significant surge in over ten years, reaching a record-breaking $2.4 trillion. This rise, driven by conflicts and escalating tensions worldwide, led to increased spending in Europe, the Middle East, and Asia, as outlined in a recent report from the Stockholm International Peace Research Institute (SIPRI).
“Total military spending is at an all-time high … and for the first time since 2009, we saw spending increase across all five geographical regions,” Nan Tian, a senior researcher at SIPRI, told AFP.
“It’s a reflection of the deterioration of peace and security around the world. There’s not a region in the world where things have gotten better,” Tian said. The United States, China, Russia, India, and Saudi Arabia were the top five spenders, respectively. The continuation of the war in Ukraine led to an increase in spending by Ukraine, Russia, and “a whole host” of European countries, Tian said.
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