All articles tagged with #global defense
The world's largest arms producers saw a 5.9% revenue increase in 2024, reaching a record $679 billion, driven by heightened demand from conflicts in Ukraine and Gaza, with notable growth in Europe, the US, and Russia, while Asia and Oceania experienced a slight decline due to issues in China's arms sector.
Global defense spending reached a record $2.2tn in 2023, rising by 9% due to heightened geopolitical tensions, particularly driven by Russia's invasion of Ukraine. The International Institute of Strategic Studies expects further increases in 2024 as the war continues and international uncertainty spreads. Russia and Ukraine saw significant increases in military spending, with Russia's total military spending now representing one third of its national budget. The US remains the largest global military spender, with a budget of $905.5bn in 2023, more than the next 15 countries combined.
A report by the International Institute for Strategic Studies indicates that Russia can sustain its war effort in Ukraine for another 2 to 3 years, but at the cost of sacrificing quality for quantity. The report also highlights a significant increase in global military spending, with NATO countries leading the surge, and points out the challenges faced by European countries in scaling up production to support Ukraine. Despite the heavy toll on Ukraine, Western support has improved the quality of its equipment, prompting the West to consider providing enough weapons to deliver a decisive blow against Russia's continued attacks.