Ukraine war spurs record global spending on military

Ukraine war spurs record global spending on military FMTNews FMTBusiness

Ukraine’s military spending rose 640% in 2022, the largest annual increase recorded in Sipri data going back to 1949.

Russia’s invasion of Ukraine, which began in February last year following years of growing tensions, has prompted European countries to rush to bolster their defences. “This included multi-year plans to boost spending from several governments,” Sipri senior researcher Diego Lopes da Silva said. “As a result, we can reasonably expect military expenditure in Central and Western Europe to keep rising in the years ahead.”

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