Military spending surges worldwide amid war in Ukraine, tensions in Asia – By A.L. Lee (UPI) / April 24, 2023
April 24 (UPI) — Military spending surged across the globe last year to more than $224 trillion, with the war in Ukraine triggering the sharpest increase in defense budgets throughout Europe since the waning days of the Cold War, according to new research.
The nearly 4% rise in global military spending in 2022 was largely due to Russia’s invasion of Ukraine and increasing tensions throughout Asia, the Stockholm International Peace Research Institute said in a study published Monday.
The United States, China and Russia led the world in military expenditures last year, accounting for 56% of total defense spending, while Europe increased military spending by more than 13%, primarily to shore up security against an emboldened Russian army.
Soon after Russia invaded Ukraine in February 2022, several European nations immediately increased military spending, while other states took steps that anticipated bigger defense budgets over the next decade.
