The world is building arms like never before, defense spending is booming, alliances are sharpening, and the old rivalries are back in place.  The result is a global arms race that is fearsome every day. Threats of war are not limited to any one region of the world; countries around the globe are bracing themselves, and military budgets around the world are breaking records.

The latest numbers are out, the world spent 2.7 trillion dollars to buy weapons, comprising of jets, tanks, missiles, and drones, last year in 2024

This could lead the world to the brink of another devastating world war, which would be the deadliest of all wars fought so far. The latest numbers are out, the world spent 2.7 trillion dollars to buy weapons, comprising of jets, tanks, missiles, and drones, last year in 2024. This is 9.4 percent more then the year before.

The report has been compiled by Stockholm International Peace Research Institute(SIPRI), which releases global military spending data every year. The latest report has delivered a chilling verdict: it says that nations are preparing for a long and bloody war. So, what is driving this frenzy? Who is profiting from it? And what does it mean for global peace? Two states are driving the surge, the United States and China; their combined defense budget accounts for fifty percent of the world’s defense spending.

The report reveals that the usual suspect, the USA, unsurprisingly, is at the top of the table with $997 billion in defense spending the previous year. Washington alone spent 37% of the global military spending in 2024. In terms of sales, the Washington Military Industrial Complex controls forty-three percent of the market share.

Beijing’s defense expenditure translates to aggression on the ground, particularly around Taiwan and on the waters in the South China Sea

Next in line is China, whose military spending has swelled by seven percent and stands at 314 billion dollars. Beijing’s defense expenditure translates to aggression on the ground, particularly around Taiwan and on the waters in the South China Sea. It adopts a much more assertive policy while dealing with these two issues. They considered Taiwan a vital part of China via the One China Policy. The Significance of the South China Sea can be highlighted by the proportion of trade, which constitutes sixty percent of the total trade and eighty percent of the global trade through this region. China has a zero-tolerance policy to diffuse any threat posed to these regions and can go to any extent against its rivals to protect its interests in these regions.

Thirdly, Russia’s military spending has been slashed by a staggering 38 percent, accounting for 149 billion dollars. Moscow’s military spending makes sense as they have been at war with Ukraine for three years. Despite confronting Western economic sanctions and economic plights, they are expanding their defense expenditure and preparing themselves for war against Western powers.

Berlin is now the biggest military spender in all of Europe

Number four on the list is Germany, which thickens the plot. Their defense layout has been at $88.5 billion. Berlin is now the biggest military spender in all of Europe. There are two reasons for their burgeoning military spending: First, the war in Ukraine has posed an indispensable threat to Europeans from Russia; Second, Trump’s threat to exit NATO (North Atlantic Treaty Organization), which is a symbol of collective security in Europe and North America.

Europe has been feeling great heat from the Russia-Ukraine War and Trump’s policies towards Europe and Ukraine. That’s why Europe’s military expenditure has exploded by seventeen percent, surpassing the level from the Cold War era. Historically, the militarization of Europe has always posed a substantial threat to global peace. In modern history, World War 1 and World War 2 were followed by the militarization of Europe.

Ukraine has become one of the World’s biggest weapon importers

Ukraine has become one of the World’s biggest weapon importers. Kyiv spent 34 percent of its GDP on defense, which is the largest military burden for any country in the world. They spent 64.5 billion dollars on their defense in the previous year. This expanded defense spending is at the expense of social welfare expenditure, and people are suffering from great social vulnerability.

This trend of augmenting military spending has also been observed across other regions of the world. For instance, West Asia has narrowly avoided a wider war, which is a direct invasion of Iran by Washington and Tel Aviv. But the threats remain, and countries are preparing themselves to protect their sovereignty and interests by soaring military spending. Israel’s defense spending has surged by 64 percent, which is the steepest since the Six-Day War, which happened in 1967.

Following the top four defense spenders USA, China, Russia, and Germany, India stands at number five with a defense spending of $86 billion

Similarly, another conflicted region of South Asia has also been witnessing immense military spending. Following the top four defense spenders USA, China, Russia, and Germany, India stands at number five with a defense spending of $86 billion, which is almost eight times greater than its conventional rival, Pakistan, whose military budget is about $11 billion. This creates a huge military imbalance between the two nuclear-armed adversaries.

Most recently, in the Pahalgam attack in Illegally occupied Kashmir, India blamed Pakistan for orchestrating the attack that compelled both countries to deploy their weapons and armies on the border. Indian strikes in Pakistan as an aggressor state and Pakistan’s retaliation against India put the lives of 24 percent of the global population at greater risk. This could trigger a nuclear war between two adversaries, which would have consequences far beyond the border for the region and the globe.

Two major prolonged wars of Russia-Ukraine and Israel-Palestine, and more than a hundred protracted conflicts, according to the United Nations, have fueled global tensions

These are not just numbers; they are the mirrors of the world’s realities. Two major prolonged wars of Russia-Ukraine and Israel-Palestine, and more than a hundred protracted conflicts, according to the United Nations, have fueled global tensions. Nations are arming to the teeth, and the Military Industrial Complex is booming. International Organizations like the United Nations and Global Institutions, particularly the International Court of Justice, have been constantly failing in maintaining global peace and establishing trust among the powerful nations of the world. The interests of the major powers in the multipolar world are in direct clash, and the trust deficit is proliferating.

The Realist School of thought is dominating the way world powers are endeavoring to achieve their interests through hard power. All states are militarizing, some are seeking global and regional hegemony, while others want to deter the power of the aggressor states to secure their national interests. Liberalists are struggling to persuade major powers to accomplish their interests through cooperation. It is time for liberals to reduce the air of hostility by convincing world leaders and powerful nations to share the table and negotiate to achieve cooperation before the World faces World War Three.

Disclaimer: The opinions expressed in this article are solely those of the author. They do not represent the views, beliefs, or policies of the Stratheia.