Budgets expected to increase further amid ‘deteriorating security landscape’ triggered by invasion of Ukraine
Global defence spending increased by 9% to a record $2.2tn during 2023 driven by heightened geopolitical tensions caused by Russia’s invasion of Ukraine, according to an annual assessment by a military thinktank.
The International Institute of Strategic Studies added that it expected budgets to increase further in 2024 as the war continued into a third year and international uncertainty spread across the Middle East in the wake of the Israel-Gaza war.
Bastian Giegerich, the thinktank’s director general, described the near-double-digit uplift as reflecting “a deteriorating security landscape”. Russian and Ukrainian military spending soared, as well as western aid to Kyiv.
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Source: https://www.theguardian.com/world/2024/feb/13/global-defence-spending-rises-9-per-cent-to-record-22tn-dollars
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