Global military spending has reached a record high since 1990.

According to RIA Novosti on June 26, the Roscongress report "Fragmentation and Weak Growth: Global Economic Trends 2024" shows that global military spending in 2023 reached a record high since 1990, averaging $306 per person.

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

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

In 2023, the largest military burden fell on Middle Eastern countries – 4.2% of GDP. This was 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 significant funding, spending on ammunition and other rapidly consumed items yields little added value. And financing increasing military spending could force governments to increase debt or raise taxes. As a consequence, GDP growth could slow,” the document states.

According to the report, the main risk to global growth stems from the fragmentation that the world economy is currently undergoing.

“Different macroeconomic sectors are emerging, competing with each other in the financial, 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 stated.