According to the report released by the Stockholm International Peace Research Institute (SIPRI) on the 28th, global military spending in 2024 reached 2.72 trillion USD (approximately 11.89 trillion MYR), a 9.4% increase from 2023, marking the largest growth in a year since the end of the Cold War.
According to comprehensive foreign reports, the report indicates that as geopolitical tensions rise, military spending has increased across all regions worldwide, with Europe and the Middle East experiencing particularly rapid growth. Military expenditures in several European countries have seen "unprecedented" growth.
The top five countries in global military spending are the United States, China, Russia, Germany, and India, collectively accounting for about 60% of global expenditures.
Among them, the United States' military spending increased by 5.7%, reaching 997 billion USD, accounting for 66% of NATO's total military expenditure and 37% of global military spending. China's military expenditure rose by 7% last year, totaling 314 billion USD, accounting for half of Asia and Oceania's spending.
The US Aims to Counter the So-called China Threat
According to the report, the increase in US military spending involves threats from China and Russia. "To counter what is perceived as the China threat, the US Department of Defense allocated a total of 2.6 billion USD to strengthen alliances in the US and the Indo-Pacific region, including 1.9 billion USD for military aid to Taiwan."
China Accelerates Military Modernization
The driving force behind China's military spending growth is its long-term goal of achieving military modernization in various fields by 2035. To achieve this, China continues to invest in new stealth fighters and drones, rapidly expand its nuclear arsenal, and enhance anti-space and cyber warfare capabilities; in 2024, the People's Liberation Army also established a new cyber and space force.
Russia's military expenditure in 2024 is estimated to reach 149 billion USD, a 38% increase from 2023, doubling the expenditure in 2015, equivalent to 7.1% of Russia's GDP and 19% of total government expenditure.
Ukraine Bears the Heaviest Global Military Burden
Ukraine's total military spending grew by 2.9%, reaching 64.7 billion USD. Although this figure is only 43% of Russia's military spending, it accounts for 34% of Ukraine's GDP, making Ukraine the country with the heaviest military burden globally in 2024.