Defense expenditures have been on the rise in East Asia as China’s military buildup raises concerns among its neighbors, according to a report by a Swedish think tank.
The Stockholm International Peace Research Institute (SIPRI), in its annual report on world military expenditure published Monday, said the total world military expenditure stood at $2.72 trillion in 2024, marking a 9.4% increase from 2023 and the 10th consecutive year of increases.
It was also the steepest year-on-year rise since the end of the Cold War.
The world’s top five military spenders – the US, China, Russia, Germany and India – accounted for 60% of the global total with combined spending of $1.64 trillion, the report said.
The Asia and Oceania region spent $629 billion in 2024, with an increase of 6.3% from 2023 and the biggest rise since 2009.
The report said the growing military spending reflected the “heightening tensions across the region, especially in East Asia,” where military expenditures expanded by 7.8% to $433 billion in 2024.
China accounted for half of all expenditure in Asia and was the second-largest military spender in the world, raising its budget to an estimated $314 billion, a 7% increase compared to 2023.
This marked the largest year-on-year percentage increase in China’s military spending since 2015 and the 30th consecutive year of growth.
China’s growing military spending was a result of its continued long-term goal of modernizing all of its military domains by 2035, prompting many of its neighbors to increase spending, the report said.
Japan allocated $55.3 billion for defense in 2024, which was 21% more than in 2023.
The annual increase in 2024 was the largest since 1952 and raised Japan’s military burden to 1.4% of GDP—the highest level since 1958, it said.
Japan’s rise in military spending aligned with its military buildup plan for 2022-27, which focuses on long-range strike abilities and air defense systems.
Taiwan increased its military spending by 1.8% to $16.5 billion in 2024, with 18% of its budget allocated for procuring US naval systems and upgrades to its F-16 combat aircraft.
It is also developing drones and anti-drone systems amid rising tensions with China.
Source: AA