Global defence budget jumps to record high of $2440 Billion: SIPRI Report

Published On: April 22, 2024 - Global think tank SIPRI reports that for the first time, government military spending has increased in all five geographic regions. Global defence expenditure has reached a record high of $2440 billion, after the largest annual rise in government spending on arms in over a decade. A 6.8% increase between 2022 and 2023 is the steepest since 2009 and has been witnessed in all 5 geographic regions of the world: Africa, Europe, West Asia, Asia, and the Americas. The report states that the unprecedented increase in the global defence budget is directly proportional to the global deterioration in peace and security. Tune in to on Point for more on this story.