Global military spending hits record high
The world is seriously starting to think about arming its military. According to the Stockholm International Peace Research Institute report, military expenditures in 2023 amounted to £1.95 trillion. This is an increase of nearly 7 percent over the year and the highest amount in history.
23 April 2024 16:59
Over half of this amount, 31 NATO members spent, amounting to about £1.07 trillion. The United States had a decidedly significant share. Under Joe Biden's leadership, the USA spent as much as £731 billion on defense. This is an increase of 2.3 percent annually. Relative to NATO countries, this amount corresponds to 68 percent of all member states.
In Europe, the largrst annual growth of all countries recorded Poland, amounting to 75 per cent. Poland spent a total of £25.2 billion on military rearmament.
Russia and China spend fortunes on the military
The report indicates that NATO countries' expenditures nearly tenfold exceeded Russian spending. In the Kremlin, about £87 billion was spent on the military last year. At the same time, the same document reveals data from Ukraine, a country defending itself against Putin's attack.
Our eastern neighbour spent £51 billion last year, 50 per cent more than last year. The country also received a support package from Western partners. In 2023, the support amounted to £28 billion, of which over £20 billion was provided by the United States.
China holds the second place in the global ranking. The Middle Kingdom invested about £236 billion. The Asian nation has raised its defence spending for the 29th year in a row. Other Asian countries, such as Japan spent £40 billion (an increase of 11 per cent), Taiwan £13.2 billion (an increase of 11 per cent), while India spent £66.8 billion, thus marking the fourth highest result in the world.
