World registered an unprecedented military commitment by Ukraine in 2024, according to think-tank findings.
In 2024, global military spending skyrocketed to a staggering $2.72 trillion, a jaw-dropping 9.4% surge from the previous year. This explosive growth, as highlighted by the Stockholm International Peace Research Institute (SIPRI), was the biggest annual increase since the end of the Cold War.
Ukraine's military spending grew by 2.9%, reaching a colossal $64.7 billion, making it approximately 43% of Russia's total expenditure. This massive investment amounted to 34% of Ukraine's GDP, the highest military burden of any country that year, according to SIPRI. "Ukraine currently allocates all of its tax revenues to its military," the institute revealed, warning that the limited fiscal space will make further increases challenging for Kyiv.
Heightened geopolitical tensions weren't confined to Eastern Europe, as defense budgets soared across every region, particularly in Europe and the Middle East. SIPRI noted that over 100 countries boosted their military spending in 2024, potentially impacting the economies and societies for years to come.
In Europe, military expenditures, including Russia's, spiked by 17%, surpassing Cold War-era levels. The war in Ukraine and doubts about the U.S. commitment to NATO played significant roles in this dramatic increase. Russia's military spending jumped an eye-watering 38% to an estimated $149 billion, accounting for 7.1% of Russia's GDP and 19% of its government budget.
Despite fears of a potential reduction in U.S. military spending, the nation remained the world's biggest military spender, increasing its defense budget by 5.7% to $997 billion in 2024. This substantial investment represented 66% of NATO's military expenditure and 37% of global defense spending, indicating the U.S.'s significantly influential role in global military trends.
However, the economic and social costs related to escalating military spending could leave lasting consequences on societies worldwide, with SIPRI cautioning that "the economic and social trade-offs could have significant effects on societies for years to come."
- In light of the explosive growth in global military spending, which reached $2.72 trillion in 2024, Ukraine prioritized its expenditures,allocating a significant portion of its tax revenues to its military, amounting to 34% of Ukraine's GDP.
- As tensions heightened globally, Ukraine's military spending grew by 2.9% to a colossal $64.7 billion, making it the highest military burden of any country that year. This surge in spending, however, could potentially impact the economies and societies for years to come, according to SIPRI.
- Amid increased military expenditures, SIPRI warned that countries prioritizing these investments, such as Ukraine, may face challenges in further increases due to limited fiscal space, particularly over the next few years.
