(MENAFN) Global military spending surged by 6.8 percent in 2023, reaching an unprecedented level of USD2.44 trillion compared to the previous year, according to the Stockholm International Peace Research Institute (SIPRI) report released on Monday.
This increase marks the most substantial annual rise since 2009, marking the ninth consecutive year of growth in military expenditure globally, as highlighted by the institute. Notably, all ten of the world's largest military spenders saw an uptick in their defense budgets in 2023.
The United States maintained its position as the top spender, allocating USD916 billion to its military, a 2.3 percent increase from the previous year. China and Russia followed, with military expenditures of USD296 billion (up 6 percent) and USD109 billion (up 24 percent), respectively.
Among the top spenders, Ukraine's military expenditure in 2023 amounted to 59 percent of Russia's, although Ukraine also received substantial military aid, including USD25.4 billion from the US, totaling at least USD35 billion.
In 2023, NATO members collectively spent USD1.34 trillion on defense, representing 55 percent of global military expenditure. While the US accounted for 68 percent of NATO's total spending, many European NATO members also bolstered their military budgets.
Military spending in the Middle East surged by 9 percent to USD200 billion, marking the highest annual increase in a decade. Israel's military expenditure, the second-largest in the region after Saudi Arabia, rose by 24 percent to USD27.5 billion in 2023.
Turkey notably saw a significant increase in military spending, rising by 37 percent year-on-year to reach USD15.8 billion in 2023, reflecting regional security concerns and geopolitical dynamics.
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