Global military spending reached a fresh record high in 2023, totalling $2443 billion, a report by the Stockholm International Peace Research Institute said.
Global military spending hit a record high of $2443 billion in 2023 after increasing by 6.8% from the previous year, a report by the Stockholm International Peace Research Institute said.
"The unprecedented rise in military spending is a direct response to the global deterioration in peace and security," Nan Tian, senior researcher in SIPRI's military expenditure and arms production programme, said in aMilitary expenditure has been rising for nine years straight, and military spending bolstered in all regions of the world for the first time since 2009, the report found.
The war between Russia and Ukraine also drove military spending higher elsewhere, prompting countries to think differently about their security outlook, Lorenzo Scarazzato, a military expenditure and arms production researcher at the SIPRI said in a statement. Poland's military spending soared by 75% in 2023, while Germany's and the U.K.'s expenses rose by 9% and 7.9% respectively, the SIPRI report found. The U.S., which spends the most on its military, logged a 2.3% year-on-year hike in such spending to $916 billion in 2023.
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