SIPRI reports 7% increase in global military spending in 2023 amidst ongoing conflicts

Global military expenditure reached a staggering $2.43 trillion in 2023, marking a 7% increase from the previous year, according to the Stockholm International Peace Research Institute (SIPRI). This surge in spending, the largest since 2009, comes as international peace and security continue to deteriorate.

The United States, China, and Russia emerged as the top spenders in 2023, with Russia notably increasing its military expenditure by 24% to an estimated $109 billion. Ukraine also saw a significant rise in spending, up by 51% to $65 billion, bolstered by at least $35 billion in military aid from other countries. SIPRI noted that this aid, combined with Ukraine’s own spending, nearly matched Russian military expenditure.

Furthermore, NATO member countries collectively accounted for 55% of the world’s military expenditure. European NATO states, in particular, have ramped up their defense spending in response to the conflict in Ukraine. Lorenzo Scarazzato, a researcher at SIPRI, highlighted the shift in threat perceptions among NATO members, with the 2% GDP target for defense expenditure now seen as a baseline rather than a threshold.

The United States, as the largest contributor to NATO military spending, increased its defense budget by 2% to $916 billion. SIPRI emphasized that these percentage changes are expressed in real terms, in constant 2022 prices.

As tensions continue to rise globally, the escalation in military spending reflects states’ prioritization of military strength. However, SIPRI cautioned that this trend could lead to an action-reaction spiral in an increasingly volatile geopolitical landscape.