COPENHAGEN - Global military spending reached a new high in 2023, for the ninth time in a row as figures exceeded the previous year's spending, a leading think tank on conflict and defence said on Monday, reported dpa news.
According to a new report published by the Stockholm International Peace Research Institute (SIPRI), inflation-adjusted spending in 2023 rose by 6.8 per cent to US$2.44 trillion, compared to US$2.24 trillion in 2022.
This is the largest year-on-year increase since 2009, the group said.
The 10 largest spenders have all significantly increased their expenditures. The war between Russia and Ukraine is also responsible for this unprecedented increase.
"All regions that we map increased. That gives us a perspective of a world that feels less secure and is perhaps resorting to hard security rather than diplomatic means," SIPRI researcher Lorenzo Scarazzato told dpa.
"Countries perceive tensions and instability, and therefore, instead of pursuing diplomatic means, they rather pursue hard security, so invest more in military expenditure," Scarazzato added.
"One of the main drivers, of course, is the Russian full-scale invasion of Ukraine. We've seen how that prompted an increase in military expenditure in Europe," he said.
The USremains unbeaten at the top of the military spending list with US$916 billion. The US alone accounted for over a third, or 37 per cent, of global military spending - about three times as much as second-placed China.
China spent an estimated US$296 billion on the military, accounting for 12 per cent of global spending - 6 per cent more than the previous year.
Both countries together accounted for around half of global spending in 2023.
Overall, the top seven places remained constant, according to the report. Russia was in third place, followed by India and Saudi Arabia, as in 2022. - BERNAMA-dpa