(MENAFN) A recent report by the Stockholm International Peace Research Institute (SIPRI) has revealed a significant surge in military expenditure worldwide, marking a notable escalation particularly in regions such as Europe, the Middle East, and Asia. Released on Monday, the study underscores a staggering 6.8 percent increase in global military spending in real terms, catapulting total expenditure to a record-breaking USD2.4 trillion in 2023.
This surge in military spending represents the most substantial year-on-year escalation since 2009, according to the SIPRI report. The United States, China, and Russia emerged as the top three spenders, collectively accounting for a significant portion of the global defense budget.
The United States, renowned for its substantial defense investments, saw a 2.3 percent increase in military expenditure, reaching a staggering USD916 billion in 2023. Notably, this amount represents a substantial 68 percent of the total NATO military spending, reaffirming the United State's dominant position in global defense expenditure.
Meanwhile, China continued its upward trajectory in military spending, allocating an estimated USD296 billion to its defense sector in 2023. This figure, marking a 6 percent increase from the previous year, highlights China's growing influence in the Asia-Pacific region, with the country accounting for half of the total military spending across Asia and Oceania.
The report also sheds light on the impact of geopolitical tensions, notably the ongoing conflict in Ukraine, on military spending trends. Both Kiev and Moscow experienced significant spikes in defense expenditure, with the conflict prompting a surge in spending among a multitude of European nations.
Russia, in particular, witnessed a substantial increase in military outlays, soaring by 24 percent to an estimated USD109 billion in 2023. Notably, Russia's military spending constituted 16 percent of the total government budget, with its military burden standing at 5.9 percent of the gross domestic product.
Furthermore, Ukraine emerged as the eighth-largest spender in 2023, experiencing a remarkable 51 percent surge in military expenditure, totaling USD64.8 billion. SIPRI highlighted that Ukraine also received substantial military aid amounting to USD35 billion, primarily from the United States, further bolstering its defense capabilities.
The SIPRI report underscores the complex dynamics driving global military spending, with geopolitical tensions and regional conflicts playing a pivotal role in shaping defense priorities.
As nations continue to invest heavily in defense, the implications for global security and stability remain a subject of growing concern, underscoring the need for concerted efforts to promote dialogue and conflict resolution on the international stage.
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