Global Military Spending Reaches Record High in 2023
Fueled by the ongoing conflict in Ukraine and rising tensions in regions like Asia, Oceania, and the Middle East, global military spending reached an unprecedented high of $2,443 billion in 2023, marking a significant 6.8% increase from the previous year.
According to data released by the Stockholm International Peace Research Institute (SIPRI), this represents the highest year-on-year rise since 2009. The global average military spending per person also reached its highest level since 1990, amounting to $306.
Key Findings from the SIPRI Report
– Military spending accounted for 2.3% of the global gross domestic product (GDP), highlighting the substantial financial resources allocated to defense worldwide.
– The United States, China, Russia, India, and Saudi Arabia emerged as the top five military spenders in 2023, collectively constituting 61% of global military spending.
– Russia’s military spending surged by a staggering 24% to an estimated $109 billion, accounting for 5.9% of its GDP.
– Ukraine, embroiled in conflict with Russia, emerged as the eighth largest military spender in 2023, increasing its defense expenditure by 51% to $64.8 billion, representing 37% of its GDP.
– Military expenditure by NATO member states totaled $1,341 billion in 2023, representing 55% of global spending. Eleven NATO members met the alliance’s target of spending 2% of their GDP on defense.
India’s Military Spending
India ranked fourth globally in military expenditure in 2023, with a total outlay of $83.6 billion. This represented a 4.2% increase from 2022 and a substantial 44% rise from 2014. The surge was primarily attributed to increased personnel and operations costs, which accounted for nearly 80% of India’s total military budget for 2023. This increase aligns with the government’s focus on enhancing the operational readiness of its armed forces amidst ongoing tensions with neighboring countries.
Notably, India allocated a significant portion of its procurement funds to domestically produced equipment, marking the highest level ever recorded. This emphasis on indigenous defense capabilities is a reflection of the government’s push for self-reliance in the defense sector.
