The study, by the Stockholm International Peace Research Institute, concluded that global military spending reached $2.4 trillion last year — a 6.8 percent increase from 2022.
“The unprecedented rise in military spending is a direct response to the global deterioration in peace and security,” said Nan Tian, a senior researcher at the institute, which has tracked military expenditures since at least 1988.
He described an “increasingly volatile geopolitical and security landscape.”Ukraine, in its first full year of war with Russia, devoted $64.8 billion to its military in 2023.
That accounted for 58 percent of the government’s overall spending last year and 37 percent of the country’s gross domestic product.
Only seven other countries spent more on military and defense costs than Ukraine in 2023, analysts found.
Persons:
spender, ”, Nan Tian
Organizations:
Stockholm International Peace Research Institute
Locations:
Ukraine, Stockholm, Asia, United States, Russia