Global military expenditure surged to $2.72 trillion in 2024, representing a 9.4% increase from 2023 and the largest year-on-year rise since the end of the Cold War, according to a new report by the Stockholm International Peace Research Institute (SIPRI).
The report, released on Monday, attributed the spike in spending to escalating geopolitical tensions, with significant growth recorded in Europe and the Middle East. SIPRI noted that over 100 countries increased their defense budgets in 2024, raising concerns about the long-term economic and social consequences of prioritizing military security.
SIPRI warned that the rising military expenditure often comes at the cost of other critical areas of government spending, which could have far-reaching effects on social and economic stability. “Increasingly, governments are channelling more funds into military spending, often at the expense of other critical budget areas,” the institute stated.
Europe experienced the most significant growth, with military spending rising by 17%, surpassing levels last seen at the end of the Cold War. Russia’s military expenditure reached $149 billion, marking a 38% increase from 2023 and double its spending in 2015. This represented 7.1% of Russia’s GDP and 19% of its total government budget.
Ukraine also saw a rise in military spending, growing by 2.9% to $64.7 billion—roughly 43% of Russia’s military budget. Defence spending in Ukraine accounted for 34% of its GDP, the highest military burden globally in 2024. SIPRI highlighted that Ukraine now dedicates all of its tax revenues to military needs, raising concerns about the sustainability of this fiscal approach.
The United States remained the world’s largest military spender, with a 5.7% increase bringing its defense budget to $997 billion. US military spending made up 66% of NATO’s total and 37% of global military expenditure in 2024.
SIPRI’s report emphasizes the growing trend of rearmament, underscoring the profound impact this shift in global military priorities will have on both international security and domestic economic planning.
Nzubechukwu Eze.
