China accounted for 46% of total APAC defence spending in 2024. (Janes)

In a global geopolitical and economic context of ever-increasing uncertainty, Asia-Pacific’s defence spending growth in 2024 is, at first glance at least, remarkably pedestrian – even subdued. With a significant proportion of the region’s budgets published at least in draft form, military expenditure in Asia in the year is expected to have risen to USD603.9 billion.

This represents a nominal rise of 4.9% but is just 2.1% larger after the effects of inflation are taken into account. By the latter measure, spending is calculated to be USD12.1 billion higher than in 2023 – compared with an average annual expansion of almost USD22 billion over the previous five years.

This represents a significant slowdown in the rate of spending growth, which spiked to 7.5% year on year in 2023, when Asia-Pacific countries added more than USD41.5 billion to their total defence spend; the most in dollar terms than in any year on
Janes
record.