Global Military Spending Exceeds $2.7 Trillion: Report

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Spending by the United States rose by 5.7 percent and China by 7 percent.

Military expenditure worldwide hit $2.178 trillion last year, rising for the 10th straight year, with the United States spending nearly $1 trillion, the Stockholm International Peace Research Institute (SIPRI) said in an April 28 statement.

Global expenditure saw an increase of โ€œ9.4 percent in real terms from 2023 and the steepest year-on-year rise since at least the end of the Cold War,โ€ the report said.

โ€œThe worldโ€™s 15 largest spenders in 2024 all increased their military expenditure. The global military burdenโ€”the share of global gross domestic product (GDP) devoted to military expenditureโ€”increased to 2.5 percent in 2024.โ€

The United Statesโ€™ military spending jumped 5.7 percent from 2023 to hit $997 billion last year.

โ€œA significant portion of the U.S. budget for 2024 was dedicated to modernizing military capabilities and the U.S. nuclear arsenal in order to maintain a strategic advantage over Russia and China,โ€ SIPRI said.

U.S. military spending accounted for 66 percent of total NATO expenditure last year. European NATO members spent $454 billion, making up 30 percent of the military allianceโ€™s spending.

According to SIPRIโ€™s analysis, out of the 32 NATO member nations, only 18 spent 2 percent of their GDP on military.

NATOโ€™s military spending guideline from 2014 requires members to meet the 2 percent GDP target.

The current U.S. administration is pressing NATO to spend more than that on defense. During a Jan. 23 address at the World Economic Forum, President Donald Trump asked all NATO nations to increase defense spending to 5 percent of their GDP.

This โ€œis what it should have been years agoโ€”it was only at 2 percent, and most nations didnโ€™t pay until I came along, I insisted that they pay, and they did,โ€ he said.

The same day, Mark Rutte, the secretary general of NATO, said Trump was right to demand that NATO members spend 5 percent on defense.

As for Europe specifically, military expenses in 2024 jumped 17 percent yearly to $693 billion, according to the SIPRI report. It said Europe was the โ€œmain contributorโ€ to the global increase in military expenditures last year.

Byย Naveen Athrappully

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