World military expenditure reaches a new record high

Stockholm: Last year, the global military expenditure increased by 3.7 per cent, reaching $2.24 trillion. As always, the US, China and Russia are leading in military spending. However, for the first time since the Cold War, an increase in the military expenditure of the European countries has been observed, a report by the Stockholm International Peace Research Institute- SIPRI says in its new report.

SIPRI reported an increase in global military spending for the eighth successive year. But the surge in global military expenditure in 2022 compared to the previous years is striking and worrying, SIPRI indicated. As expected, the US accounted for 39 per cent of this military expenditure and spent 877 billion dollars last year. Nevertheless, US military spending has only increased by 0.7 per cent. SIPRI claimed that for the first time since 1981, the United States was facing currency inflation, which was affecting military spending.

In comparison, China’s military expenditure has seen an increase of 4.2 per cent, and this country has spent 292 billion dollars. Also, compared to the US and China, Russia, which ranks third in military spending, saw a huge increase of 9.2 per cent. SIPRI noted that for the first time since the Cold War, the military spending of European countries has risen by 12 per cent. Analysts say that Europe’s military spending has increased since the fall of the Berlin Wall in 1989.

SIPRI states in its report that the Russia-Ukraine conflict is responsible for this increase in Europe’s military spending. European countries have increased their defence spending because of the war in Ukraine, SIPRI claimed. The report also says that Ukraine’s military spending alone has increased sevenfold.

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