The global military spending surged by 9% to a record $2.2 trillion in 2023. According to a British military think tank, the increase in spending on the military hints at a volatile year ahead.
The report published by the London-based International Institute for Strategic Studies (IISS) mentioned that the high military spending is mostly driven by NATO’s member countries’ response to Russia’s invasion of Ukraine.
Israel’s war in Gaza will further encourage Middle Eastern countries to equip themselves with sophisticated military equipment.
Era of Insecurity
The report claimed that the world is passing through an “era of insecurity” with high-intensity wars currently taking place in every continent.
Bastian Giegerich, the think tank’s director general, described the near-double-digit uplift as reflecting “a deteriorating security landscape.”
Interestingly, the top five countries alone account for almost 60% of global military spending and the US spends more on its military than the next 15 countries combined.
