US and European defense dealmaking spikes amid climate of conflict

Published on December 8, 2025

In an increasingly fraught geopolitical environment, governments around the world are increasing their spending on defense at record pace.


Global defense expenditure reached US$2.7 trillion in 2024. That represents an increase of 9.4 percent in real terms compared to 2023—the biggest year-on-year increase since the end of the Cold War.

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