Countries Release 2023 Defense Budgets
The latest data on defense spending in 2023 has been released by Sipri, revealing the top countries allocating the highest budgets to defense. While Türkiye has moved up one spot compared to 2022, it still falls short of the 2% target in relation to its GDP.
Global military expenditures have been on the rise for the ninth consecutive year, reaching a total of 2.4 trillion dollars in 2023. This marks an increase across all five geographical regions for the first time since 2009.
The top 5 countries leading in defense budget allocation in 2023 were the USA, China, Russia, India, and Saudi Arabia, maintaining their positions from the previous year. Notably, France dropped to the 9th spot with a budget of 61.3 billion dollars, while Japan fell to 10th place with a budget of 50.2 billion dollars.
South Korea, known for its defense industry export agreements, ranked 11th in 2023 with a budget of 47.9 billion dollars. Poland also saw a significant rise, moving up 5 places to the 14th spot with a budget of 31.6 billion dollars following the Ukrainian-Russian War.
Algeria notably surged from 28th to 19th place with a record defense budget of 18.3 billion dollars. Türkiye climbed one spot to 22nd place with a defense budget of 15.8 billion dollars, equating to 1.5% of its GDP. Meanwhile, Greece dropped to 33rd place with a budget of 7.7 billion dollars, falling 4 spots from 2022.
Several countries, including the USA, UK, France, Poland, Denmark, and Finland, met NATO’s defense target of allocating 2% of GDP to defense. On average, worldwide defense budgets accounted for 2.3% of GDP.
As global tensions continue to evolve, defense spending remains a critical aspect of national security strategies. The latest figures provide valuable insights into the priorities and investments of countries around the world in ensuring their defense capabilities.
