In 2024, global military spending soared to over $2.7 trillion, a 9.4% increase from 2023, marking the most rapid annual rise since the Cold War. Over 100 countries boosted military budgets, particularly in Europe and the Middle East, influenced by ongoing conflicts like those in Ukraine and Gaza. Germany emerged as the largest military spender in Western Europe, increasing its budget by 28% to $88.5 billion due to a special fund for the Bundeswehr. SIPRI indicates that this trend towards higher military spending in Europe will likely continue for the foreseeable future.
"For the first time since reunification Germany became the biggest military spender in Western Europe," said Lorenzo Scarazzato, Researcher with the SIPRI Military Expenditure and Arms Production Programme.
SIPRI highlights that Germany raised its military spending for the third consecutive year, reaching $88.5 billion, representing a 28% increase from the previous year.
According to SIPRI, the surge in military expenditures reflects a broader trend in Europe, triggered by ongoing conflicts, signaling a sustained increase in defense budgeting.
The latest policies adopted in Germany and many other European countries suggest that Europe has entered a period of high and increasing military spending that is likely to continue for the foreseeable future.
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