The Korea Herald


[Graphic News] Global military spending hits $2.2tr

By Nam Kyung-don

Published : March 5, 2024 - 08:01

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Global defense spending rose 9 percent to reach a record $2.2 trillion amid multiple wars and ensuing uncertainties in 2023, a British military think tank said.

The International Institute of Strategic Studies forecast that such budgets would increase further, considering the continued Russia-Ukraine war into a third year and international uncertainties surrounding the Middle East after the Gaza offensives.

More than half of defense spending was made by NATO members, with US expenditure at $905.5 billion (40.5 percent) and other members’ total spending accounting for 17.3 percent.

In Asia, China increased its defense budget for the 29th consecutive year amid its Taiwan strife, enticing Taipei to expand its defense expenditure to reach $19 billion, or 2.6 percent of its GDP, according to IISS.

Japan and South Korea also heightened their spending in the face of North Korea’s pursuit of nuclear weapons, it said.