The world will spend more money on weapons in 2023

Yesterday, the Stockholm International Peace Research Institute (SIPRI, Sweden) released a report showing that global arms sales increased by 4.2% to 632 billion USD in 2023 compared to the previous year.

The figures are compiled from the world's top 100 arms manufacturers. The driving force behind this trend is the impact of conflicts in Ukraine, the Gaza Strip and escalating tensions in Asia, according to AFP citing the SIPRI report. After sales fell in 2022 as arms suppliers struggled to meet rising demand from customers, the 2023 figures show that many contractors found ways to increase production last year. And for the first time in history, all 100 companies had revenues exceeding $1 billion.

Western weapons have quality but lack quantity.

"Arms sales have increased significantly in 2023 and this trend is likely to continue in 2024," said Lorenzo Scarazzato, a researcher at SIPRI's arms production and military expenditure programme. Scarazzato added that the figures for the top 100 companies do not fully reflect actual demand from buyers, and that many companies are expanding recruitment to boost production lines. SIPRI also said that smaller contractors have proven effective in meeting demand in the new context.

Weapons on display at the “IDEAS 2024” military exhibition in Karachi (Pakistan) on November 21.

Among the top manufacturers, US companies saw sales rise 2.5% and continued to account for half of the year’s revenue, with 41 US manufacturers in the top 100. It is worth noting that Russia’s figures, while incomplete, reflect the country’s continued shift toward wartime production. Sales at the two Russian companies on the list rose 40%, thanks largely to impressive figures from Rostec. In China, nine companies generated $103 billion in revenue last year, up just 0.7%.

Source: https://thanhnien.vn/the-gioi-chi-nhieu-tien-hon-de-mua-vu-khi-nam-2023-185241202234549569.htm