The world spent more on military costs and weapons in 2023 than it had in 35 years, driven in part by the war in Ukraine and the threat of an expanded Russian invasion, according to an independent analysis released on Monday. The study, by the Stockholm International Peace Research Institute, concluded that global military spending reached $2.4 trillion last year — a 6.8 percent increase from 2022.
Contributing Factors to the Rise in Military Spending
Growing tensions in Asia and across the Middle East also contributed to the rise in military spending. The United States alone spent $916 billion — more than one-third of the total — as the world’s largest military spender and weapons supplier.
Impact of Military Spending on Ukraine and Russia
Ukraine, in its first full year of war with Russia, devoted $64.8 billion to its military in 2023, accounting for 58 percent of the government’s overall spending last year and 37 percent of the country’s gross domestic product. Russia was estimated to have spent $109 billion last year, the second-highest military spender globally.
Geopolitical Landscape and Security Concerns
The rise in military spending is seen as a direct response to the global deterioration in peace and security, with an increasingly volatile geopolitical and security landscape. Despite the secrecy and disinformation surrounding Moscow’s defense investments, the institute concluded that Russia had spent about 16 percent of its total government spending, or 5.9 percent of its gross domestic product, on its military in 2023 — the highest since the disintegration of the Soviet Union in 1991.
