"Global Military Spending Reaches Record $2.2 Trillion Amid Rising Instability"
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.
