Global military spending hit a record $2.4 trillion in 2023, a 6.8% rise, with the US and China making up nearly half.However, the most significant rise came from the Democratic Republic of Congo (DRC), which saw its military spending soar by 105%, reaching $794 million.
This marked the highest increase globally.Africas military expenditure remains relatively low, totaling $51.6 billion in 2023, or 2.1% of the global total.Despite this, Africa experienced a 22% increase in military spending from 2022.
The DRC, South Sudan, and Algeria were the primary drivers of this surge, accounting for 87% of the continents total increase.The DRC and South Sudan, both grappling with internal conflicts, registered the highest year-on-year increases in military expenditure worldwide.DRC and South Sudan Lead Global Surge in Military Spending.
(Photo Internet reproduction)South Sudan, which had already increased its military spending by 108% in 2022, saw another 78% rise in 2023, reaching $1.1 billion.These figures highlight the intense focus on military budgets in countries facing severe security challenges.The increase in military spending in these African nations mirrors broader global trends.
As conflicts intensify, countries prioritize defense over other sectors.The DRCs significant spending hike responds to ongoing internal conflicts and instability.
Similarly, Algerias increased spending links to its fossil fuel export boom, which funds its defense budget.Global military expenditure shapes international relations and economic policies.
Attacks on Red Sea ships expose fragile trade routes, prompting nations to boost military protection.Increased military spending has substantial economic and political repercussions.Global central banks, cutting rates, face challenges from defense-driven price hikes.