The chart shows that despite a global and national economic slowdown, the defense budgets of many countries have continued to increase this year.
China announced a yearly defense budget of RMB 1.55 trillion ($224.8 billion), a 7.2% increase slightly higher than last year’s 7.1%.
The United States unveiled a defense budget of $857.9 billion for 2023 from the previous year of $728 billion, an increase of 13.9%.
Japan has raised its military expenditure by 26.3% yen to a record high of 6.3 trillion yen ($49.84 billion)
Furthermore, the European Union member states have joined the arms race by raising their defense budgets, with the US urging NATO countries with relatively small military budgets to increase their defense budget. For instance, the French government has approved a military budget of more than €43.9 billion ($42.8 billion).
Russia has declared defense spending for 2023 at approximately RUB 5 trillion ($84 billion).
India proposed 5.94 trillion rupees ($72.6 billion) for the 2023-24 financial year, 13% up from the previous period’s initial estimates.
The UK plans to increase its defense budget by £5 billion ($6 billion) over the next two years.
Pakistan’s defense budget was initially increased by 1.53 trillion rupees ($7.5 billion). However, last month (February), Pakistan decided to cut the defense budget by 35% in another bid to tweak financial policies to get the much-needed IMF deal.
China had to enhance its defense spending for 2023 to better respond to shifting global and regional conditions and potential emergencies. According to experts, the single-digit increase in the defense budget is plausible due to the country’s military modernization roadmap, the increasing global security threats, and further improved COVID-19 policies that promote economic growth and diplomatic engagements.
Contrary to what foreign media is projecting, China has no intention of joining the arms race even though it has the potential to increase its defense budget further. China will use the increase in its defense budget to cultivate military talent, modernize weapons, reform the military, and provide services to veterans and western countries’ swelling defense budgets seem to be to defend against potential threats from external powers.
