WORLDWIDE: The world is rearming at the fastest pace since the end of the Cold War, driven by active wars and rising geopolitical tensions, according to a new report released on Monday by the Stockholm International Peace Research Institute (SIPRI).
Military expenditure worldwide rose by 9.4% in 2024, reaching a record $2.718 trillion.
This marks the sharpest annual increase since 1988, just before the fall of the Berlin Wall, SIPRI said in its authoritative annual review.
“Many countries have also committed to raising military spending, which will lead to further global increases in the coming years,” the report noted The report highlighted ongoing conflicts in Ukraine and Gaza, as well as increasing military friction in regions including East Asia and Europe, as key drivers of the surge in spending.
The United States maintained its position as the world’s largest defence spender, accounting for almost $1 trillion in 2024.
Among major items in the US budget were $61.1 billion for F-35 stealth fighters and combat systems, $48.1 billion for new naval ships, and $37.7 billion toward modernising its nuclear arsenal. An additional $29.8 billion was allocated for missile defence.
The US also pledged $48.4 billion in military aid to Ukraine—nearly three-quarters of Kyiv’s own defence budget of $64.8 billion.
China ranked second after the United States in overall military spending in 2024, allocating an estimated $314 billion—just under one-third of the US total—according to the SIPRI report.
While the report did not provide a detailed breakdown of China’s spending by category or command, it noted that Beijing had unveiled several enhanced capabilities over the past year.
These included next-generation stealth combat aircraft, uncrewed aerial vehicles (UAVs), and uncrewed underwater systems.
China also continued the rapid expansion of its nuclear arsenal throughout 2024, SIPRI said.
Combined, the United States and China were responsible for nearly half of all global military expenditure last year.
The report also noted that the most significant spending increases came from countries either engaged in or anticipating regional conflict.
Israel, which launched a military operation in Gaza in late 2023, recorded a 65% jump in defence spending in 2024—the largest annual increase among all countries surveyed.–Agencies
