GLOBAL military spending reached a new record high of $2.24 trillion in 2022, according to a report released by the Stockholm International Peace Research Institute (SIPRI).
While the report highlighted Ukraine’s Ballooning Military Budget as the main driver of the surge, other wealthy nations including India and Saudi Arabia also saw substantial rises in their military budgets.
The report also show that European Military spending saw a sharp increase of 13% in 2022, primarily due to increases by Russia and Ukraine.
However, many countries across the continent ramped up their military budgets amid the surging tensions.
Critics argue that the soaring military spending diverts resources from other areas of development, such as education, healthcare, and infrastructure.
Moreover, the report raises concerns about the potential for conflicts and the need for more diplomatic efforts to address tensions between nations.
Meanwhile, the SIPRI report suggests that military expenditure will continue to rise in the years ahead, with many governments planning multi-year increases in their budgets.
This trend raises important questions about the role of military spending in international relations and the need for a more responsible allocation of resources toward sustainable development and conflict prevention.
