2023: Global Military Spending Peaks at $2443bn; US Leads, India 4th: SIPRI Report

Tags: Reports Economics/Business

The Stockholm International Peace Research Institute (SIPRI) published its 'Trends in World Military Expenditure, 2023' report on April 22, 2024.

An Overview of the News

• Global military expenditure reached an unprecedented USD 2443 billion in 2023, marking the ninth consecutive year of increase.

• This surge represents a notable 6.8% rise in real terms from the previous year, the most substantial year-on-year increase since 2009.

• The top five countries contributing to this expenditure in 2023 were the United States of America (USA), China, Russia, India, and Saudi Arabia, collectively responsible for 61% of the world's military spending.

• India secured the fourth position among global military spenders in 2023, with a total expenditure of USD 83.6 billion. This figure reflects a 4.2% increase from 2022 and a substantial 44% rise from 2014.

• In 2023, North Atlantic Treaty Organization (NATO) members, including the USA, contributed a combined total of USD 1341 billion to global military spending, comprising approximately 55% of the overall expenditure.

SIPRI:

• It provides data, analysis and recommendations on armed conflicts, military spending and arms trade.

• SIPRI also focuses on disarmament and arms control.

• Its function is to contribute to global peace and security initiatives.

  • Headquarters - Solna

  • Founded - 6 May 1966

  • Director - Dan Smith

  • Chair -  Stefan Löfven

  • Founders - Tage Erlander, Alva Myrdal