Global military spending rose to a record last year, spurred by a policy U-turn in Europe where governments boosted capabilities by the most since the end of the Cold War in the wake of Russia’s invasion of Ukraine.
Defense expenditure increased by 3.7% in real terms to reach a record high of $2.24 trillion in 2022, the Stockholm International Peace Research Institute (SIPRI) said on Monday. About half the annual increase was due to Ukraine’s ballooning military budget, according to data for the eastern European country that excludes foreign aid.
Arms budgets are expanding across Europe in response to Russia’s aggression at the same time as tensions in East Asia are prompting larger outlays in that part of the world.