Who’s Winning the Global Arms Race?
As global tensions escalate, nations are rapidly modernizing their militaries, expanding arsenals, and reshaping alliances. This analysis explores key defense trends—from China’s military rise to Europe’s defense surge—highlighting how shifting power dynamics are redefining global security.
Defense and Military Analysis
The global defense landscape in 2024 was shaped by the continued war in Ukraine, rising tensions in the Indo-Pacific, and heightened geopolitical competition, driving global defense spending to $2.46 trillion, a 7.4% real-term increase from 2023. This increase was particularly pronounced in Europe (12%), where the war in Ukraine necessitated greater military investments. Asia-Pacific (5.4%) saw continued growth, fueled by China’s increasing military budget. The Middle East and North Africa (10%) experienced the sharpest rise, with Israel alone increasing its defense spending by 73% due to ongoing conflicts. Meanwhile, Latin American defense budgets have grown for two consecutive years, though they remain below 2010 levels, primarily due to persistent economic constraints.
