Russia's full-scale invasion of Ukraine has forced many countries to reconsider and increase their defense spending. Experts, from the Stockholm International Peace Research Institute (SIPRI), reported that overall global military spending had increased by 3.7 percent in 2022, to reach $2.24 trillion.
Military expenditure in Central and Western European nations amounted to $345 billion in 2022; the highest figure since the Cold War.
The sharpest growth was observed in Finland (+36%), Lithuania (+27%), Sweden (+12%) and Poland (+11%). SIPRI experts predict that defense spending will increase further in the next few years.
Meanwhile, in Ukraine itself, military spending for 2022 reached $44 billion, an increase of 640%. “This was the highest single-year increase of any country’s military expenditure ever recorded,” the SIPRI study said.
Russia also recorded an increase in its military funding. Over the past year it has grown by some 9.2%, to total around $86.4 billion.
Asian countries are not far behind. SIPRI reports that the combined military spending of the countries of Asia and Oceania amounted to $575 billion; 2.7% higher than in 2021 and 45% more than in 2013.
In 2022, China had the world's second-largest military budget of an estimated $292 billion, with the USA occupying first place, having spent $877 billion.
“The continuous rise in global military expenditure in recent years is a sign that we are living in an increasingly insecure world,’ said Dr Nan Tian, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Program. ‘States are bolstering their military strength in response to a deteriorating security environment, which they do not foresee improving in the near future.”
You can also highlight the text and press Ctrl + Enter
"Defense" spending is a misnomer. During times of war it is more accurately termed "Offense" spending.