Global military spending soars in wake of Ukraine war, study shows

24 April, 10:27 PM
In February 2022, several European countries sharply increased their military budgets (Photo:Photo: REUTERS/Stringer)

In February 2022, several European countries sharply increased their military budgets (Photo:Photo: REUTERS/Stringer)

Total worldwide annual defense expenditure in 2022 has soared to record-breaking $2.24 trillion, largely as a reaction to Russia’s war against Ukraine, Stockholm International Peace Research Institute (SIPRI) said in a report on April 24.

Since February 2022, several European countries have significantly expanded their military budgets, including Finland (36%), Lithuania (27%), Sweden (12%), and Poland (11%). Denmark announced plans to progressively increase defense spending over the next decade.

In the UK, defense spending has reached $68.5 billion. According to SIPRI, much of this was due to London’s significant military aid to Ukraine, which so far has amounted to $2.5 billion, or 3.6% of the country's military spending.

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Germany's military spending in 2022 increased by 2.3%, to $55.8 billion. After the start of the Russian aggression against Ukraine, Germany established an off-budget fund of $105 billion which will be used to rearm the Bundeswehr.

The United States continues to lead the world in defense spending, with last year's budget amounting to $877 billion, which is 39% of the world's total expenditure. This increase was largely due to the unprecedented level of military aid provided by Washington to Ukraine.

China remains the world's second-largest country in terms of military spending, sitting at around $292 billion in 2022.

India and Saudi Arabia also topped the list of countries with the largest military budgets. India spent $81.4 billion on its army due border tensions with Pakistan and China. Military spending in Saudi Arabia increased by 16% last year, reaching $75 billion, which is 7.4% of the country's GDP.

The fight against Russian aggression has led to Ukraine's highest annual increase in military spending ever recorded by SIPRI. In 2022, the country's defense funding reached $44 billion, representing a 640% increase. Ukraine's military spending now comprises up to 34% of its GDP.

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