April 22, 2024
Conflicts drive ‘7% increase’ in global military spending by 2023
A representational image showing armed soldiers aiming at a target during training. — AFP/File The US and Russia boost military spending by 2% and 24%, respectively. SIPRI highlights a large share of GDP going to the military. NATO accounts for 55% of global military spending. STOCKHOLM: As the world continues to be affected by various armed conflicts, such as the Russia-Ukraine war and Israel’s attack on Gaza, global military spending is set to grow 7% in 2023, the highest since 2009, to 2.43 trillion dollars. According to the Stockholm International Peace Research Institute (SIPRI), a leading think-tank based in Sweden,


