World’s military expenditure rises to record level of $2.4 trillion

Stockholm, Sweden): A recent report published by the Stockholm International Peace Research Institute details military and arms spending by the world’s major countries. But along with this, while giving the estimate of total global military expenditure, it has been said that in 2023, the total military expenditure of the world has reached 2.4 trillion dollars. It has been increasing for the last 10 years and will reach its peak in 2023.

Explaining the reason for this, the research institute says that due to tensions in Europe (Russia-Ukraine war), Middle East (Israel-Hamas-Iran war) and Taiwan, these costs have increased unusually. Global military spending is expected to increase in 2023 compared to last year, said Nan Ryan, senior researcher at the Stockholm International Peace Research Institute. He said this is the largest year-on-year increase in spending since 2009.

Among the military spenders are the US, China, Russia, India and Saudi Arabia respectively. Even Nan Rian said. He said that due to Ukraine war all European countries have increased military expenditure. Globally, military spending has increased by 6.8 percent in 2023 compared to 2022. Russia has increased its military spending by 24 percent, taking its military budget to $109 billion in 2023. Since 2014, when Russia annexed Ukraine’s Crimea peninsula, its military spending has increased by 57 percent. Ukraine’s military expenditure has also increased by 51 percent. And it has reached 64.8 billion dollars. It also receives $35 billion in foreign military aid, the largest portion of which comes from the United States.

Thus, Ukraine’s military expenditure accounts for 37% of its gross domestic product (GDP) and 58% of government expenditure.

In sharp contrast, Russia spends only 5.9 percent of its GDP, but has a much larger GDP.

The report further said that, in Europe, Poland has increased its defense spending by 75 percent and its military expenditure has reached 31.6 billion dollars.

Israel is the largest defense spender in the Middle East. Due to Hamas war, it has to increase its military expenditure. Its defense budget was increased by 24 percent in 2023, with military spending reaching $27.5 billion. Saudi Arabia increased that spending by 4.3 percent. It spends $75.8 billion on defense and defense equipment.

America has increased the defense budget by 2.9 percent. Its military expenditure is 916 billion dollars. China has been increasing defense spending for 29 consecutive years. Its cost has increased by 6 percent to $296 billion.

India has also had to increase its defense expenditure. It has increased by 4.3% to $83.6 billion. At the same time, Japan has also increased its expenditure to 50.2 billion dollars. Taiwan increased military spending by 11 percent to $16.6 billion in 2023.