May 30, 2024
  • The Stockholm International Peace Research Institute (SIPRI) has published his report recently.

KEY HIGHLIGHTS

  • According to SIPRI, the total global military expenditure increased by 6.8% to $2443 billion in 2023. This was the highest annual percentage growth in global military expenditure since 2009.
  • The military expenditure went up in all five geographical regions, with major spending increases recorded in Europe, Asia and Oceania and the Middle East.
  • The report comes amid ongoing conflicts in various parts of the world such as the ones involving Israel-Hamas, Iran-Israel, Russian-Ukraine besides volatility in the Red Sea region.
  • According to the report, India was the fourth largest military spender globally in 2023 with an expenditure of USD 83.6 billion, behind the US, China and Russia.
  • The Indian expenditure on military 2023 was $83.6 billion.
  • According to SIPRI the largest percentage increase in military spending by any country in 2023 was seen in the Democratic Republic of the Congo (105 percent increase). The Government in Congo is engaged in conflict with various armed groups in the country.
  • As per the report, Ukraine became the eighth largest military spender in 2023, increasing its spending by 51%.

FIVE BIGGEST SPENDERS IN 2023

  • United States of America – The US spent $916 billion on military in 2023, an increase of 2.3 per cent as compared to last year.
  • China- Its military budget was estimated at $296 billion in 2023, an increase of 6.0 per cent from 2022.
  • Russia- Its military spending increased by 24 per cent to an estimated $109 billion in 2023.
  • India- India spent $83.6 billion on its military in 2023 an increase of 4.2 per cent as compared to 2022.
  • Saudi Arabia – Its estimated expenditure is $75.8 billion.

ABOUT SIPRI:

  • Stockholm International Peace Research Institute (SIPRI) is a research institute which was set up in 1966.
  • Its main area of research is global or regional conflicts, armaments, arms control and disarmament.
  • Headquarters: Stockholm, Sweden
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