Sri Lanka, April 28 -- World military expenditure reached $2.72 trillion in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.

Heightened geopolitical tension saw increased military spending in all world regions, with particularly rapid growth in both Europe and the Middle East, data from the Stockholm International Peace Research Institute (SIPRI) showed.

"Over 100 countries around the world raised their military spending in 2024," SIPRI said. "As governments increasingly prioritise military security, often at the expense of other budget areas, the economic and social trade-offs could have significant e...