Global defense spending exceeds $2 trillion first time ever

Total global defense spending grew at its fastest pace in the last decade from 2022 to 2023, as governments respond to security crises unfolding around the world.

Report informs via Forecast International that combined military outlays jumped 10.4 percent in 2023 on strong growth from nearly all of the top spenders, bringing the global total above $2 trillion for the first time.

The specialists did not rule out a period of intense defense investment and procurement into the mid-2020s – and possibly out to 2030.