Last year, global defense spending rose 3.7 percent, according to data from the Stockholm Institute for Peace Research (SIPRI). This is the largest increase since the 1960s, when the institute began publishing reports, Deutsche Welle reported on Monday.
In countries FOR THIS military spending has been increasing ever since annexation of Crimea by Russia in 2014. “In response, NATO members decided to spend two percent of their GDP on defense by 2024,” explains the Deutsche Welle portal, emphasizing that many countries are already close to meeting these promises. However, while spending rose to over two trillion euros last year, as part of gross domestic product, it fell slightly: it was 0.1 percent lower in 2013.
Data from the Stockholm Institute for Peace Research (SIPRI) shows that over the last decade China increased spending by 63 percent, India by 47 percent and Israel by 26 percent. However, in all these countries, the share of defense spending in relation to GDP has decreased.
Inflation creates a paradox
The institute’s experts note that high inflation is an important factor in this apparent paradox. “Defense ministers are suffering from a loss of purchasing power, as are private households. A carton of milk is getting more and more expensive and more and more money has to be spent on a warplane,” concludes Deutsche Welle, adding that, according to the Institute for German Economics, Berlin may become more expensive this year failed plan to spend 2 percent of GDP on defense.
The increase in global defense spending also includes military aid to other countries, significantly higher since the beginning of Russia’s aggression against Ukraine. “Themselves United States provided $47 billion in military aid to Ukraine,” the portal claims, citing research by the Institute of World Economy in Kiel.
In 2022, the strongest military power was still the United States. They spent $877 billion on armaments, which is 39 percent of global defense spending. China spent $292 billion.
While China is flexing its muscles in the Pacific region, the US seems determined to continue to play the global role Washington has played since World War II.
Main photo source: U.S. Army