A new report says the world faces a 'dangerous decade' as instability and military spending rise
ABC NewsFeb 13
Report: Global Defense Spending Jumped to Record $2.2T in 2023
The Facts
According to the London-based International Institute for Strategic Studies, global defense spending reached a record $2.2T in 2023, up 9%. Due to the conflict in Ukraine, Israel's war with Gaza, and Indo-Pacific tensions, the figure is expected to climb this year.
According to the report, NATO has witnessed an even greater rise. Since 2014, when Russia seized Ukraine's Crimean peninsula, non-US alliance members have raised military spending by 32%.
The Spin
Pro-establishment narrative
Given Russia's invasion of Ukraine, Hamas' attack on Israel, and China's assertiveness in the South China Sea, global military spending has surged, generating global instability. The world spent $2.2T on weapons last year. This year will see an even greater increase in global defense spending, particularly if the West does not want Russia to win in Ukraine. Many governments are increasing weapons production and stockpiling to prepare for potential long-term conflicts.
Establishment-critical narrative
The UN has failed with its basic purpose — to maintain international peace and security. The UN Security Council is paralyzed by more than dozens of military conflicts around the world, and the international body must act immediately to address them. In the absence of a strong UN, military spending is rising. The "rules-based international order" is clearly not functioning well given the failure of its institutions to curb global arms spending and conflict.
Nerd narrative
There is a 50% chance that the world will spend 2.3% of world GDP on military expenses in 2030, according to the Metaculus prediction community.