Defense Spending Rises in East Asia
(MENAFN) Military spending in East Asia has been increasing due to rising concerns among neighboring countries about China's expanding military presence, as reported by a Swedish think tank.
The Stockholm International Peace Research Institute (SIPRI), in its annual global military expenditure report published on Monday, revealed that the total global military spending reached USD2.72 trillion in 2024.
This represents a 9.4 percent increase from 2023 and marks the tenth consecutive year of growth. It is also the sharpest year-over-year rise since the conclusion of the Cold War.
The five largest military spenders globally—the United States, China, Russia, Germany, as well as India—accounted for 60 percent of the global military expenditure, totaling USD1.64 trillion, according to the SIPRI report.
The Asia and Oceania region, which spent USD629 billion in 2024, saw a 6.3 percent rise compared to 2023, marking the largest increase since 2009.
The report highlighted that the surge in military spending was driven by "rising tensions across the region, particularly in East Asia." In East Asia, military expenditures grew by 7.8 percent, reaching USD433 billion in 2024.
China, the second-largest military spender globally, was responsible for half of the region's military expenditure, with its defense budget increasing by 7 percent to an estimated USD314 billion compared to 2023.
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