World military spending hits record high since 1990

According to RIA Novosti on June 26, the Roscongress report "Fragmentation and Weak Growth: Global Economic Trends 2024" showed that global military spending in 2023 reached a record high since 1990, and reached an average of 306 USD/person.

“The global military burden, defined as the share of military spending in global GDP, rose from 2.2% in 2022 to 2.3% in 2023. Average military spending as a share of government expenditure increased by 0.4 percentage points last year to 6.9%. And in 2023, global military spending per capita reached its highest level since 1990 at $306,” the report said, citing data from the Stockholm International Peace Research Institute (SIPRI).

Experts note that global military spending increased for the ninth consecutive year in 2023, reaching a total of $2.443 trillion. “The 6.8% annual increase is the highest since 2009 and pushes global spending to a record high,” the document said.

In 2023, the largest military burden will fall on the countries of the Middle East - 4.2% of GDP. This will be followed by countries in Europe - 2.8%, Africa - 1.9%, Asia and Oceania - 1.7% and the Americas - 1.2%.

“While spending on advanced weapons and military equipment involves large amounts of funding, spending on ammunition and other items that are quickly consumed provides little added value. And financing increased military spending may require governments to increase debt or raise taxes. As a result, GDP growth may slow,” the document said.

The main risk to global growth comes from the fragmentation the world economy is currently undergoing, the report said.

“Different macro-regions are emerging, competing with each other in finance, trade, technology and other related industries, creating significant risks of slowing global GDP growth, reducing corporate profits and increasing inflation in the largest economies,” the Roscongress report said.