World’s military spending has reached an all-time high figure of $2.24 trillion in 2022. According to a leading military think tank, Russia’s invasion of Ukraine has increased fears of escalation and most European countries have increased its defense budgets to unprecedent levels.
Spending Increased For 8th Year
The defense spending has increased for 8th consecutive year amid increasingly volatile geopolitical situation around the globe. According to the Stockholm International Peace Research Institute, most of the spending is attributed to Russia’s annexation of Crimea in 2014, when Russian forces fully occupied the region. Ukraine’s military budget alone increased to $44 billion in 2022, a record number for the Russian neighbor.
13 Percent Rise In Europe
SIPRI said that they noticed a record ever increase in military spendings of the European countries. Europe, mostly Russian neighbors, saw an increase of 13% in military spending in 2022, think tank revealed. The surge in military spendings show that “we are living in an increasingly insecure world,” Nan Tian, a senior researcher at SIPRI said.