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Defense Industry Rakes in Billions as Military Spending Hits ‘all-time High’

via France 24

Global military expenditure reached $2.4 trillion in 2023, the highest level in over a decade, as conflicts and geopolitical tensions drove up spending worldwide.

The US, China, Russia, India and Saudi Arabia topped overall spending.

According to SIPRI, total spending increased 6.8% – the steepest rise since 2009 – with growth seen across all world regions.

“Total military spending is at an all time high … and for the first time since 2009, we saw spending increase across all five geographical regions,” SIPRI senior researcher Nan Tian said.

“It’s a reflection of the deterioration of peace and security around the world. There’s really not a region in the world where things have gotten better,” Tian said.

Continued fighting in Ukraine led to higher outlays by Ukraine, Russia and many European nations, with Russia and Poland significantly increasing their budgets.

Middle Eastern states like Israel and Saudi Arabia also boosted spending.

China grew its defense budget for the 29th consecutive year.

The US remained the top spender but increased expenditures by a modest 2.3%. SIPRI attributed the global rise to deteriorating peace and security globally.

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