Stockholm international Peace Research Institute (SIPRI) has released its latest report on Monday. According to the report, the total military expenditure of the world has reached 2.72 trillion dollars in the year 2024, which is 9.4 percent more than in 2023. SIPRI figures show that due to increasing tensions around the world, military expenditure has increased everywhere. Especially the countries of europe and the Middle east have increased their defense expenditure significantly.
The report says that in 2024, more than 100 countries have increased their military budgets heavily. The report also states that since governments are now paying more attention to the military and reducing the budget of other important areas, it will have an impact on the economy and society."
This big disclosure was made in the report
According to news agency Reuters, the SIPRI report states that military expenditure in europe has increased significantly after the ukraine war. This is the first time since the Cold war that europe has made such a big increase in its defense expenditure. According to the report, Russia's military expenditure in 2024 has reached about $ 149 billion, which is 38% more than in 2023 and almost doubled compared to 2015. This is 7.1% of Russia's total economy (GDP) and 19% of the total government expenditure.
Increased expenditure on weapons
Ukraine's total military expenditure has increased by 2.9% to $ 64.7 billion, which is about 43% of Russia's expenditure. In 2024, ukraine has spent the most money on buying weapons. SIPRI says that ukraine is spending more than 34% of its total income only on buying weapons.
The US has also increased its military expenditure by 5.7%. In 2024, the US defense expenditure has increased to $997 billion, which is 66% of NATO's total expenditure and 37% of the military expenditure of the whole world. According to the latest data from the Stockholm international Peace Research Institute (SIPRI), the five countries with the highest military expenditure are the US, China, Russia, germany and India. These five countries together account for 60% of the world's total military expenditure and together they have spent $1635 billion on weapons.
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