Global military spending hits record high in 2024

Global military expenditure reached a record high in 2024, with a 9.4% increase to over $2.7 trillion, according to a SIPRI report released today. This marks the most rapid annual rise since the Cold War's end. Germany significantly increased its military spending by 28% to $88.5 billion, placing it fourth globally. This surge is attributed to a special fund and the ongoing war in Ukraine, which also fueled increased spending across Europe and the Middle East. The report highlights rising military spending in numerous countries, including the US, China, and Israel, driven by geopolitical tensions and conflicts. This trend raises concerns about a potential global arms race.