Global defense budget reaches new record high of $2440bn

Military spending increased significantly in 2023 with a nearly 7% growth rate, marking the first year-on-year increase since 2009 where all geographical regions showed an uptick in spending according to SIPRI. The Democratic Republic of the Congo had the most notable increase with a budget up by 105%. The United States, China, Russia, India, and Saudi Arabia were the top five spenders, with the US experiencing a 6.8% increase, which is the steepest since 2009. The continuation of the war in Ukraine led to significant spending increases for Ukraine, Russia, and several European countries. Analysts recorded a rise in military outlay for the first time in all five geographical regions, warning of an increased risk of unintended conflict due to governments' efforts to arm themselves.