Staff Reports
The International Institute for Strategic Studies this week found that military spending has increased 9% over the last year to more than $2 trillion worldwide.
The institute released its annual report on military balance on Tuesday. It found that non-U.S. members of NATO have increased their spending by over 30% last year. Eleven countries in the North Atlantic Treaty Organization are now meeting the requirement to spend 2% of their gross domestic product on defense spending.
The institute’s report marks an increase from last year when only countries met that requirement. NATO’s defense spending makes up roughly half of the money spent on the military worldwide.
Why is it so high? The report states that military spending has grown likely in response to the Israel-Hamas War, Russia’s invasion of Ukraine, and China’s growing activity in the South China Sea.
This year Russia will spend almost 7% of its GDP on its military, according to the report. The report found that Russia has lost or had to replace much of its equipment, including 3,000 battle tanks.
This story originally appeared in WORLD. © 2024, reprinted with permission. All rights reserved.