Global Military Spending Surges as Europe Tackles Russian Threat
Members of the Spain and Bulgarian armed forces during a NATO exercise in Tsrancha, Bulgaria.
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Defense spending surged last year by the most since at least the end of the Cold War, according to data published Monday, with European countries rushing to bolster their security in the face of threats from Russia.
Military expenditure worldwide rose 9.4% from 2023 to just over $2.7 trillion, the Stockholm International Peace Research Institute said in a report.