Briefly: Global defence spending in 2022 increased for the eighth consecutive year to an all-time high of $2.24T, according to a Sweden-based think tank.
Here’s a snapshot of details that caught our eye:
- 🇯🇵 Japan’s defence spending hit 1.1% of GDP, its highest since 1960
- 🇸🇦 Saudi Arabia’s spending rose (by 16%) for the first time since 2018
- 🇪🇺 Spending in Central & Western Europe hit a new post-Cold War high
- 🇫🇮 NATO’s newest member (Finland) jacked its spending up 36%, and
- 🇺🇦 Ukraine’s 640% increase was the largest anywhere since 1949
The study attributes Japan’s spending growth to concerns about China and North Korea. And Saudi Arabia’s increase stems from its intervention in Yemen.
Intrigue’s take: As for Europe’s boost in defence spending? Expenditure there was already rising before Russia invaded Ukraine. But when a nuclear power and permanent member of the UN Security Council invades one of your neighbours, it’s no surprise when you decide to double down on that accelerator.
Also worth noting:
- China’s military spending grew for the 28th consecutive year, the longest uninterrupted run of any country. Its 4.2% rate of growth was China’s second slowest growth rate since 1995 (the slowest was in 2021).
- The US expanded its military spending by 0.7% last year. It spent more than the next ten countries combined.