May 03, Kathmandu- A report has shown that the global arms race has been rapidly increasing in recent years, following the near end of the Cold War.

While wars are raging in Ukraine and Gaza, military tensions are spreading from Europe to Asia.

Global military spending is expected to increase by 9.4 percent year-on-year in 2024 to $2.718 trillion.

This is the largest expenditure ever recorded in an annual report by the Stockholm International Peace Research Institute (SIPRI).

SIPRI has also warned that the global arms race is not over.

This is the highest growth rate since 1988, the same year that the Berlin Wall fell.

“Many countries are committing to increasing military spending, which will lead to further global growth in the coming years,” the report said.

The United States is the world’s largest military spender. The report estimates that the United States alone will spend nearly $1 trillion in 2024.

The biggest spending items in the US budget include the F-35 stealth fighter jet and its combat systems ($61.1 billion), new ships for the US Navy ($48.1 billion), the modernization of US nuclear weapons ($37.7 billion), and missile defenses ($29.8 billion).

The US budget also includes $48.4 billion in aid for Ukraine alone. That’s three-quarters of Kiev’s own $64.8 billion defense budget.