Global Military Spending Increases for 9 Consecutive Years... Russia Raises by 24%

Global military spending has increased for the ninth consecutive year, reaching an all-time high.

According to the Stockholm International Peace Research Institute (SIPRI), a Swedish think tank, on the 21st (local time), global military expenditure last year was recorded at $2.443 trillion (approximately 3,375 trillion KRW). The growth rate compared to the previous year was 6.8%, the highest since 2009.

The share of military spending relative to the world's gross domestic product (GDP) reached 2.3%. The global per capita military expenditure was $306 (approximately 420,000 KRW), marking the highest level since 1990.

[Image source=Yonhap News]

This is a consequence of increased geopolitical risks due to wars such as the Russia-Ukraine conflict and the war between Israel and the Palestinian armed group Hamas, leading to expanded military spending by the countries involved.

Nan Tian, a senior researcher at SIPRI, explained to AFP news agency, "Since 2009, military spending has increased in all five regions (the Americas, Asia-Pacific, Europe, the Middle East, and Africa)." He pointed out, "This reflects the deterioration of global peace and security," adding, "There is no place where the situation has improved."

The top five countries by military expenditure last year were the United States ($916 billion), China ($296 billion), Russia ($109 billion), India ($83.6 billion), and Saudi Arabia ($75.8 billion). The United States and China increased their military spending by 2.3% and 6%, respectively, compared to the previous year. Russia, which invaded Ukraine in February 2022, expanded its military spending by a staggering 24%. India and Saudi Arabia increased their spending by 4.2% and 4.3%, respectively.

Ukraine's military expenditure last year surged by 51% to $64.8 billion (approximately 89 trillion KRW). Its military spending ranked 8th globally. However, more than half of this expenditure was funded by military aid from other countries, mostly from the United States. Ukraine's military spending as a share of GDP reached 37%, whereas Russia's was only 5.9%.

Following Hamas's surprise attack on October 7 last year and Israel's deployment of ground forces in the Gaza Strip, Israel's military spending increased by 24% to $27.5 billion (approximately 38 trillion KRW). Japan's military expenditure rose by 11% to $50.2 billion (approximately 69 trillion KRW). South Korea ranked 11th globally with $47.9 billion (approximately 66 trillion KRW), a 1.1% increase from the previous year.

Senior researcher Tian predicted that given the current situation in the Middle East and the uncertain end to the Ukraine war, the trend of increasing military spending by countries is expected to continue for at least several more years.