Global Military Spending Surges to New Heights in 2024
In 2024, global military expenditures soared to an unprecedented $2.718 trillion, marking a substantial 9.4% increase from the previous year — the largest annual rise since 1988. This sharp uptrend reflects escalating armed conflicts worldwide, pushing defense budgets to account for 2.5% of the global GDP, according to recent research.
Spotlight on Ukraine: Defence Budget Explodes Amid War
Ukraine’s military spending surged dramatically to $64.7 billion in 2024, equivalent to a staggering 34.5% of its GDP. To put this in perspective, just three years earlier, in 2021, Ukraine devoted only 3.4% of its GDP to defense. The invasion in early 2022 triggered a swift escalation: military expenditure leapt to 25.6% in 2022, soared to 36.5% in 2023, and has remained significantly high in 2024.
Russia and Israel Amplify Defense Spending Amid Ongoing Conflicts
Russia's defense budget climbed by 38% to $149 billion in 2024, with military spending rising from 3.6% of GDP in 2021 to 7.1% in 2024 — almost doubling in just three years.
Meanwhile, Israel ramped up its military expenditure by an astonishing 65% over 2023, reaching $46.5 billion amid escalated tensions involving Hamas and Iran. Defense spending grew from 4.4% of GDP in 2022 to 8.8% in 2024, signaling sustained investment amid continued geopolitical instability.
Regional Tensions Drive Up Defence Budgets Elsewhere
- Lebanon increased its military spending by 58% in 2024, rising from 1.6% to 2.6% of GDP following clashes with Israel.
- Poland, positioning itself amid the ongoing Russia-Ukraine conflict and regional tensions, nearly doubled its defense budget from 2.2% of GDP in 2022 to 4.2% in 2024.
- Myanmar, battling civil war, elevated its military expenditure from 3.8% to 6.8% of GDP within a year.
- In the volatile Caucasus region, Armenia spent 5.5% and Azerbaijan 5% of their GDPs on defense, placing them among just nine nations allocating over 5% of GDP to military efforts globally.
- Algeria invested $21.8 billion on defense, representing 8% of its GDP amid persistent tensions with Morocco.
Internal Strife and Geopolitical Rivalries Fuel Defence Budget Booms
The widening scope of armed conflicts, both internal and cross-border, has been a key catalyst for this global military spending surge. Governments facing domestic unrest or regional discord have sharply boosted their defense outlays to manage these growing challenges.
Looking Ahead
With new battlefronts emerging and older conflicts intensifying, the upward trajectory of military expenditures appears set to continue. This spending surge not only reflects immediate security concerns but also reshapes geopolitical power balances and economic priorities worldwide.
