What is driving countries to increase their weapons purchases? | Business and Economy

Global military spending has reached an all-time high, with an increase in all five geographical regions for the first time since 2009. The instability in the world is being fueled by events such as Russia’s invasion of Ukraine, escalating tensions in the Middle East, and China’s military expansion in the South China Sea. As a result, nations around the world are ramping up their defense capabilities to ensure their security.

According to the Stockholm International Peace Research Institute (SIPRI), military spending hit nearly $2.4 trillion last year, marking a significant increase. This rise in spending has been observed across all five geographical regions for the first time in 15 years. The implications of this heightened military spending are significant, with potential impacts on global security dynamics.

In addition, questions are arising about the effects of Western sanctions on Iran’s ability to engage in conflict with Israel. The geopolitical landscape is shifting rapidly, and the decisions made by countries regarding military spending and defense strategies will have far-reaching consequences. As the world navigates these uncertain times, it is essential to monitor these developments closely.

On a different note, Italy’s Venice has implemented entry fees for day trippers visiting the city, in an attempt to manage overtourism and preserve the local environment. This measure reflects the growing challenges faced by popular tourist destinations around the world and the need for sustainable tourism practices.