Military spending on the rise in East Asia as China upgrades its armed forces: report
Swedish think tank says Beijing accounted for half of all defence expenditure in Asia last year
In its annual report on world military expenditure published on Monday, the Stockholm International Peace Research Institute (SIPRI) said total world military expenditure reached US$2.72 trillion in 2024, an increase of 9.4 per cent from 2023, the 10th consecutive year of increases and the steepest year-on-year rise since at least the end of the Cold War.
The report said the world’s top five military spenders – the United States, China, Russia, Germany, and India – accounted for 60 per cent of the global total, with combined spending of US$1.64 trillion.
The Asia and Oceania region spent US$629 billion in 2024, a 6.3 per cent increase from 2023 and the biggest rise since 2009.
01:35
Philippines says 5 aquatic drones with ‘Chinese markings’ found in its territorial waters
The report said the growing military spending in the region reflected the “heightening tensions across the region, especially in East Asia”, where military budgets expanded by 7.8 per cent to US$433 billion.