SIPRI’s annual report, released Monday, said global military expenditure reached $2.72 trillion in 2024, a 9.4% increase from 2023 and the largest year-on-year rise since the Cold War's end. This marks the tenth straight year of growth.
Defense spending is rising across East Asia as China’s expanding military power fuels regional concerns, according to a new report by the Stockholm International Peace Research Institute (SIPRI).
The world’s five biggest military spenders, the United States, China, Russia, Germany, and India made up 60% of total spending, combining for $1.64 trillion.
Spending in Asia and Oceania reached $629 billion in 2024, up 6.3% from 2023, with East Asia alone seeing a 7.8% jump to $433 billion.
China accounted for half of Asia’s total defense spending, with an estimated $314 billion, a 7% increase from 2023, and its largest annual rise since 2015. This marks the 30th consecutive year of growth, as China pushes to modernize its military across all domains by 2035.
China’s buildup has led neighboring countries to bolster their own defenses. Japan raised its defense budget by 21% to $55.3 billion, its biggest increase since 1952, lifting defense spending to 1.4% of GDP, the highest since 1958. Japan’s plan focuses on enhancing long-range strike and air defense capabilities through 2027.
Meanwhile, Taiwan boosted its military spending by 1.8% to $16.5 billion, allocating a significant portion to upgrade F-16 jets, purchase U.S. naval systems, and develop anti-drone technologies amid heightened tensions with China.
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Macao opened the 17th International Infrastructure Investment and Construction Forum on Thursday, with officials and industry leaders highlighting the role of green and digital technologies in strengthening global infrastructure connectivity.
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and Development (EBRD), the trend is supported by investment activity, industrial expansion and large-scale infrastructure projects.
In the runup to the G7 summit, hosted by France in Évian-les-Bains on Monday, 15 June, China has addressed global economic balances in a videoconference hosted by French President Emmanuel Macron. It is a rarity for Beijing to engage directly with the group.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior U.S. official said on Monday that the memorandum of understanding linked to the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
Israeli Prime Minister Benjamin Netanyahu has told U.S. President Donald Trump that Israel does not consider itself bound by a Lebanon-related provision in an emerging agreement with Iran, according to Israeli officials.
A strong 6.7-magnitude earthquake struck Indonesia's Sulawesi island early Tuesday, killing at least one person and injuring four, according to emergency authorities.
Leaders of the Group of Seven (G7) have called for a strong and coordinated international response to the Ebola outbreak in the Democratic Republic of the Congo, urging countries to commit more resources to contain the spread of the virus.
Türkiye’s Foreign Minister Hakan Fidan has warned against actions in the Black Sea that could threaten regional stability, saying he raised the issue directly with Russia during talks in Moscow.
Lithuania’s ruling Social Democratic Party has said its chairman, Mindaugas Sinkevicius, is preparing to become the country’s next prime minister, replacing Inga Ruginiene.
The United Kingdom has imposed a new wave of sanctions on Russia, targeting key financial institutions, logistics networks and vessels accused of helping Moscow sustain its war in Ukraine.
Ukraine has said it struck an oil refinery in Russia’s Moscow region, marking one of the deepest reported attacks into Russian territory in recent months.
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