AssetID: 54703830
Headline: UNCAPTIONED: Global Military Spending Sees Record Rise in 2024, SIPRI Reports
Caption: Global Military Spending Sees Record Rise in 2024, SIPRI Reports. Military spending worldwide has increased by 9.4% to $2.718 trillion in 2024, marking the highest surge since 1988, according to the Stockholm International Peace Research Institute (SIPRI). The United States remains the world’s biggest spender, with an estimated $1 trillion allocated for military expenditures in 2024, including advanced fighter jets and missile defense systems. China follows as the second-largest spender with $314 billion, accounting for almost a third of the U.S. budget, with rapid expansions in their military capabilities, including stealth aircraft and nuclear arsenal. Regional conflicts and tensions, especially in Ukraine and Gaza, have driven significant increases in defense spending, notably by Israel (65% increase) and Russia (38% increase). NATO countries, including Germany, Poland, and Romania, saw double-digit increases in military spending, responding to the threat posed by Russia and concerns about U.S. support. The U.S. has provided $48.4 billion in aid to Ukraine, boosting its defense capabilities, while many European allies have ramped up their budgets to counter Russia’s aggression. In the Indo-Pacific, China’s 7% increase marked the 30th consecutive year of spending growth, prompting neighboring nations like Japan (21% increase) and the Philippines (19%) to follow suit. Taiwan’s defense budget has risen by 1.8% in 2024, while military spending in South Korea has increased slightly, maintaining the highest military burden in East Asia at 2.6% of GDP. India’s defense budget has grown by 42% over the last decade, reaching $86.1 billion in 2024, marking it as the fifth-largest military spender worldwide. SIPRI warns that the continued arms race, particularly in Asia and Europe, could lead to further instability, with unresolved territorial disputes exacerbating tensions and sparking an arms race spiral. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,global military spending,SIPRI,defense expenditure,United States,China,NATO,Russia,Israel,military budget,Ukraine,regional conflicts,Asia-Pacific,Japan,Taiwan,Russia-Ukraine war,defense policy,international security,military arms race,geopolitical tensions,global security,military buildup,national defense,global defense spending,arms race impact,military power,military conflicts,security threats
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