Military budgets around the world increased by almost 10% last year / While they spent Russia and Ukraine
Ukraine's armed forces artillerymen pull to the Russian forces with a 155 mm German FH70 howitzer in the Zaporojie region. Photo: Smoliyenko Dmyro / Ukrinform / Abaca / Abaca Press / Profimedia
World military expenditures reached $ 2,720 billion in 2024, an increase of 9.4% compared to 2023 and the steepest annual growth at least since the end of the Cold War, according to a report published by an important Think Tank specialized in conflict.
The increased geopolitical tension has increased military spending in all regions of the world, with a very rapid growth in both Europe and the Middle East, shows the data of the International Peace Research Institute in Stockholm (SIPRI), quoted by Reuters.
“Over 100 countries around the world have increased their military expenses in 2024,” Sipri announced.
“As governments are increasingly prioritizing military security, often to other budgetary fields, economic and social compromises could have significant effects on companies for the coming years,” said the cited Institute.
The Ukraine war and fears about US commitment to NATO alliance have led to a 17% increase in military spending in Europe (where Russia was included), which carried the European military expenses above the level registered at the end of the Cold War.
How much did Russia and Ukraine spend
Russia's military expenses reached an estimated level of $ 149 billion in 2024, an increase of 38% compared to 2023 and the double level of 2015. They represented 7.1% of Russia's GDP and 19% of the total government spending.
Ukraine's total military expenses rose by 2.9%, up to $ 64.7 billion, which represents 43% of how much Russia spent.
With a share of R4% of the gross domestic product, Ukraine had the largest military burden of all countries in 2024.
“Ukraine currently allocates all its tax revenues to the army. In such a restricted tax space, it will be a challenge for Ukraine to continue to increase military expenses,” said Sipri.
US military spending increased by 5.7%, reaching $ 997 billion, which represented 66% of total NATO expenses and 37% of world military spending in 2024.
