Half of global military spending is accounted for by the US and China
Global military spending is set to rise by 9.4% in 2024 to $2.718 trillion, the highest since 1988. The United States and China together account for nearly half of the spending. The wars in Ukraine and Gaza, Russia-NATO tensions, and concerns about China in Asia are the main reasons for the increase in military spending. Countries in Europe, Asia and other regions are increasing their defense budgets, which is increasing the risk of an arms race and future conflict, researchers warn.
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