America News Agency

According to the Stockholm International Peace Research Institute (SIPRI), costs rose by nearly 10% in real terms between 2023 and 2024, marking “the sharpest annual increase at least since the end of the Cold War.”

SIPRI’s report states that total global military expenditure reached $2.718 trillion last year. This represents a 9.4% increase compared to the previous year and is the largest annual increase in the past thirty years.

The upward trend is visible in all regions of the world, but Europe and the Middle East stand out with spending increases of over 15% in one year.

Russia increased its spending by 38% between 2023 and 2024, accounting for more than one-fifth of Europe’s total military expenditure. Overall, the continent is seeing a noticeable increase, with a 17% rise expected in 2024 compared to the previous year. Malta was the only European country that did not increase its military spending last year.

According to Diego Lopes da Silva, a researcher in SIPRI’s military spending and arms production program, Russia’s strong investments are widening the spending gap with Ukraine.

In a press statement, Silva said: “Ukraine is currently spending all its tax revenue on the military. In such a tight fiscal space, it will be difficult for Ukraine to continue increasing military spending.”

In the Middle East, major cost increases are mainly attributed to Israel and Lebanon.

Zubaida Karim, a fellow SIPRI researcher, said in a press release: “Elsewhere, countries have not significantly increased spending in response to the war in Gaza, or have been prevented from doing so due to financial constraints.”

In US dollar terms, the countries with the highest estimated military expenditures in 2024 are: United States – $997 billion, China – $314 billion, Russia – $149 billion, Germany – $88.5 billion, and India – $86.1 billion.