US, Israel Led Record-Breaking Surge In Military Spending In 2024

Israel boosted its military spending by 65 percent, reaching 8.8 percent of its GDP, to finance its genocide against Palestinians in Gaza

Global military expenditure surged to a record $2.7 trillion in 2024, marking a 9.4 percent increase over the previous year – the steepest annual rise since the end of the Cold War, according to new data published by the Stockholm International Peace Research Institute (SIPRI).

Military budgets rose across all regions, with especially sharp increases in Europe and West Asia, driven by the ongoing wars in Ukraine and Gaza.

The five largest military spenders — the US, China, Russia, Germany, and India – accounted for 60 percent of total global spending. The US alone spent $997 billion, or 37 percent of the global total – dedicating a significant portion of its budget to modernizing its military capabilities and nuclear arsenal to maintain strategic superiority over Russia and China.

Europe saw a particularly dramatic rise, with military spending increasing by 17 percent to $693 billion. Germany’s military expenditure rose by 28 percent to $88.5 billion, making it the largest spender in Western Europe and the fourth-largest worldwide, thanks largely to a €100 billion (around $107 billion) special defense fund established in 2022. Poland and Sweden also posted significant increases, with spending up by 31 percent and 34 percent, respectively.

Ukraine had the highest military burden in the world in 2024, with military spending amounting to 34 percent of its GDP. All of Ukraine’s tax revenues were absorbed by defense needs, while social and economic spending relied entirely on foreign aid, including $7.7 billion from Germany.

In West Asia, military expenditure rose by 15 percent, reaching $243 billion. Israel led the regional increase, boosting its military spending by 65 percent to $46.5 billion amid its wars on Gaza and Lebanon. Israel's military burden rose to 8.8 percent of GDP, the second highest in the world.

Lebanon, despite ongoing political and economic instability, raised its defense budget by 58 percent to $635 million.

Iran’s military spending fell by 10 percent in real terms to $7.9 billion in 2024 despite its support for regional allies resisting Israel, including Hezbollah and Yemen. The impact of sanctions on Iran severely limited its capacity to increase spending.

Elsewhere, China continued its large-scale military modernization, spending an estimated $314 billion in 2024, with developments in stealth aircraft, unmanned systems, and a rapidly expanding nuclear arsenal. Japan also raised its military budget by 21 percent to $55.3 billion, further heightening concerns of a potential arms race in the Asia-Pacific region.

SIPRI researchers warned that as governments prioritize military security, often at the expense of social and economic programs, societies could face significant long-term consequences. With over 100 countries increasing their military budgets, 2024 marked the tenth consecutive year of rising global military expenditure – a trend that analysts expect will persist amid ongoing geopolitical tensions.

🔗SOURCE ➡️ The Cradle

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