Global military expenditure has reached unprecedented levels, raising concerns about an escalating international arms race. According to the Stockholm International Peace Research Institute (SIPRI), global defense spending surged to $2.443 trillion last year, a 6.8 percent increase over 2022 and the largest annual rise since 2009.
Many major nations have significantly boosted their military budgets. The United States allocated $886 billion for 2024, up from $618.7 billion in 2017—an over 40 percent increase in just seven years. Japan’s defense budget reached 7.95 trillion yen ($55.9 billion), a 16.5 percent rise from the previous year and marking the tenth consecutive year of record-high spending.
Other global and regional powers have followed suit. Russia’s defense budget for fiscal year 2024 soared to approximately $120 billion, the largest increase since the end of the Cold War. Germany increased its defense spending by 3.4 percent to $56.5 billion, while France’s budget grew by 7.5 percent to $49.7 billion. Israel boosted its defense expenditure by $8.2 billion, reaching approximately $31 billion. South Korea announced plans to invest around $270 billion in military expenditures over the next five years, as outlined in its “National Defense Mid-term Plan from 2024 to 2028.”
The surge in military spending is driven by various factors. For the United States, it serves its strategic goal of maintaining a dominant global position amid great power competition. The U.S. military budget accounts for about 40 percent of total global military expenditure, exceeding the combined spending of the next nine countries. Concerns over challenges to its status, particularly from China, have prompted significant allocations. U.S. Secretary of Defense Lloyd Austin stated that the defense budget aims to “bolster our ability to defend our country, pace to the challenge posed by an increasingly aggressive People’s Republic of China.”
The increased funding is expected to enhance the U.S. military presence and deterrence in the Asia-Pacific region, including bolstering defense measures in Guam and Hawaii and initiatives such as the Pacific Deterrence Initiative. Geopolitical conflicts, including the Russia-Ukraine conflict and tensions in the Middle East, have also contributed to the rise in military budgets, as nations respond to perceived threats and regional instability. Additionally, interest groups, such as the defense industry, may influence policy decisions leading to increased spending.
The continuous escalation of military expenditures raises concerns about fueling an arms race and heightening global tensions. Breaking this vicious cycle is imperative for promoting international peace and security. Potential solutions include strengthening diplomatic efforts to resolve conflicts peacefully, promoting arms control agreements to limit weapon proliferation, and encouraging transparency and trust-building measures among nations to reduce misperceptions and security dilemmas.
Redirecting resources towards addressing global challenges like economic development, healthcare, and climate change could also benefit international stability. Collaborative international efforts and a commitment to mutual understanding are essential steps toward ending the cycle of rising military spending and fostering a more secure and peaceful world.
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How to end the vicious cycle of global military spending rise?
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