Through 2023, $2.3 trillion has been spent on peace-killing weapons… This marks a new historic high and another step in the steady increase since 2017. The figure comes from the annual Aerospace, Defense and Aviation report by AlixPartners.
According to the data collected, ongoing conflicts are continuing to drive arms spending and the defense industry will also see growth in 2024. Resources allocated to the space economy are also increasing.
Experts tell international media that “producers are fully aware of their objectives and are allocating significant resources to meet an unprecedented increase in production rates, driven by the needs of Russia’s neighboring countries.”
In particular, the United States of America remains the leading country in this sector, but with a stable balance: 38% of global military spending comes from Washington. The Pentagon has increased arms exports by 18%.
Russia’s war in Ukraine is the main “fuel” that has pushed this growth. Despite the fact that Europe does not come close to the American figure, the old continent records an unusual increase in military spending by 14%.
Ukraine is the country that buys or receives the most weapons, with expenditures accounting for 36% of the Gross Domestic Product. While Russia has a decrease in spending compared to 2022. Also, China ranks among the global powers that have increased military spending.
