SIPRI Report 2024: Global Military Spending Hits Record High

1. The Stockholm International Peace Research Institute (SIPRI) has released its annual assessment on global military expenditure trends for 2024.
2. Worldwide military spending reached $2718 billion in 2024, marking a significant 9.4% increase, the sharpest annual rise since the Cold War era.
3. This surge reflects growing global tensions and persistent geopolitical conflicts across multiple regions.
4. Military expenditure in 2024 accounted for 2.5% of the global Gross Domestic Product (GDP).

Top Global Military Spenders in 2024

1. The five largest spenders—United States, China, Russia, Germany, and India—together contributed to 60% of total global military spending.
2. These nations continue to lead global defense priorities amidst rising regional threats and international security concerns.

Regional Highlights of Military Spending

1. European military expenditure rose by 17%, driven largely by ongoing security challenges stemming from the Russia-Ukraine conflict.
2. Within Europe, Germany increased defense spending by 28%, while Poland registered a 31% rise, reflecting urgent military modernization efforts.
3. In the Middle East, overall defense budgets grew by 15%, signaling increased militarization in response to regional instability.
4. Israel’s defense spending surged by 65%, and Lebanon recorded a 58% increase, pointing to heightened security readiness in volatile zones.

India’s Defense Expenditure in 2024

1. India allocated $86.1 billion to defense spending in 2024, maintaining its position among the world’s top five military spenders.
2. This amount represents 2.3% of India’s GDP, underlining its commitment to national security amid rising border and maritime challenges.