US, China, Russia Lead Global Arms Race As Military Spending Spikes Most In 14 Years To $2.4 Trillion Boom

In 2023, global military spending saw a significant 7% increase, reaching $2.43 trillion, the highest surge since 2009, according to a report by the Stockholm International Peace Research Institute (SIPRI).

What Happened: The United States, China, and Russia were the top three spenders, SIPRI reported on Monday, reported Reuters.

The report also highlighted a 24% increase in Russia’s spending, reaching an estimated $109 billion. Ukraine’s spending also surged by 51% to $65 billion, with at least $35 billion in military aid from other countries. This combined aid and Ukraine’s own spending amounted to about 91% of Russia’s spending.

The report also noted that NATO member countries’ spending accounted for 55% of the world’s total expenditure. “For European NATO states, the past two years of war in Ukraine have fundamentally changed the security outlook,” SIPRI researcher Lorenzo Scarazzato said.

SIPRI reported that the majority of European NATO members had increased their military expenditures. The United States saw a 2% rise, reaching $916 billion, accounting for approximately two-thirds of NATO’s overall military spending.

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Why It Matters: The surge in global military spending comes amid escalating tensions between major world powers. The U.S. and its allies are reportedly considering a significant surge in defense spending, potentially surpassing $10 trillion in the next decade, to counter Russia and China’s growing military power.

Amid these developments, NATO has proposed a ‘Trump-Proof’ $107 billion fund to sustain Ukraine’s military support. This fund aims to secure long-term military support for Ukraine and mitigate potential disruptions in aid, such as those that might occur if former U.S. President Donald Trump returns to office.

Despite the focus on traditional security risks, a recent study revealed that public concern has shifted to non-traditional risks, such as mass migration and radical Islam. This shift in public opinion could further impact global security strategies and military spending.

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