Global military spending hits steepest rise since Cold War

Military expenditure worldwide jumped 9.4% in 2024, the highest year-on-year increase since the Cold War ended, according to The New Arab plus agencies.

Heightened geopolitical tensions and ongoing conflicts have driven this unprecedented surge, with significant socioeconomic consequences as countries make difficult budgetary trade-offs.

The US remains the top spender at $997 billion, while Russia increased its budget by 38% to $149 billion. Germany’s 28% increase to $88.5 billion made it Europe’s biggest military spender, while Israel’s expenditure soared 65% amid the Gaza conflict.

China’s military budget grew 7% to $314 billion.

The New Arab