Dec 02, Kathmandu- There are two major wars going on in the world right now. The arms market is in a fever pitch. The Ukraine-Russia war began after the Corona period, and since last October, there has also been a war between Israel and Hamas.

These two wars have increased the sale of weapons in the world. Global arms and military services sales totaled $632 billion last year, a 4.2 percent increase from the previous year, according to a report by the Stockholm International Peace Research Institute (SIPRI).

According to the report, sales by major arms manufacturers increased last year due to the wars in Ukraine and Gaza and tensions in Asia. Sales by manufacturers based in Russia and the Middle East were said to have increased significantly.

Sales of arms and military services by the world's 100 largest arms companies totaled $632 billion in 2023. This is expected to be 4.2 percent higher than a year earlier.

It is said that the companies are still not able to meet the sales demand. The company is rapidly hiring new employees to meet the demand.

This also suggests that arms sales will increase in the future, with smaller producers more effective at meeting demand related to the wars in Gaza and Ukraine, rising tensions in East Asia and rearmament programmes in other regions.