The world has increased by more than 9% of defense costs in 2024.
The cost of military worldwide has reached $ 2.72 trillion in 2024. This is an increase of 9.4 percent compared to 2023 and is the biggest jump at least since the end of the Cold War, according to a report of a leading tank today, Reuters reported.
Increased geopolitical tension has led to an increase in defense costs in all regions of the world. The growth is particularly large in Europe and the Middle East, according to Stockholm International Institute for the Research of Peace (SIPRI).
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« More than 100 countries worldwide have increased their defense costs in 2024, » Sipri said. « As governments are increasingly prioritizing military security, often at the expense of other budget areas, economic and social compromises can have significant consequences for societies in the coming years, » the organization added.
The war in Ukraine and the doubts about the US commitment to NATO have led to an increase in military spending in Europe (including Russia) by 17 percent. Thus, the cost of defense on the continent exceeded the levels reported at the end of the Cold War.
| Russia spent $ 149 billion in 2024, 38 percent more than in 2024, and twice as many as 2015. This represents 7.1 percent of GDP and 19 percent of all government spending. |
Ukraine’s total military spending has increased by 2.9 percent, reaching $ 64.7 billion. This is 43 percent of Russia’s costs and 34 percent of Ukraine’s GDP, which makes it the country, spent the largest share of its defense money in 2024.
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« Ukraine is currently allocating all its tax revenue to its army, » Sipri said. « With such a small financial buffer, it will be difficult for Ukraine to continue to increase its military expenses, » the organization added.
US military spending has increased by 5.7 percent to $ 997 billion, which is 66 percent of all similar costs of NATO countries and 37 percent of the world military spending for 2024.
