A peaceful environment can foster stability, facilitate economic growth, and promote investments. However, in an era defined by rapid change and escalating global tensions, the world is becoming increasingly riddled with instability and conflicts.
Peace Declines as Military Spending Increases
According to the Global Peace Index 2023 by the Institute for Economics & Peace, global peace declined by 0.42% in 2023. Reported data shows that since 2008, global peace has deteriorated year-over-year for 13 of the last 15 years.
On April 23, Stockholm International Peace Research Institute (SIPRI) reported that the total global military expenditure grew 3.7% to reach a record high of $2.24 trillion in 2022. The three biggest spenders, the US, China, and Russia, accounted for about 56% of the world’s total expenditure. Despite high inflation, the United States military expenditure reached $877 billion in 2022, which was 39% of the total global military expenditure.
In one of our previous articles about countries with the most nuclear weapons in the world, we discussed that according to the International Campaign to Abolish Nuclear Weapons (ICAN), nine states with nuclear weapons spent nearly $83 billion in 2022 on their nuclear weapons.
Contrary to the optimistic hopes of many, military spending has surged over the years while global peace has entered a worrying decline. Regional conflicts in different parts of the world are expected to fuel this trend. Moreover, growing geopolitical tensions, especially between major powers, such as the US, China, and Russia, have led to more countries prioritizing spending on defense and military. You can also take a look at the strongest armies in the world in 2023.
According to a report by MarketsandMarkets, the global defense market is estimated to have reached a value of more than $2 trillion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 4.9% between 2024 and 2028, pushing the global defense market to reach above $2.54 trillion by the end of the forecasted period. The rapid development of new military technologies, government initiatives, military modernization programs, and increasing internal and external security threats are all key factors creating a positive outlook for the global defense market.
The rising global defense budgets and increased investments in defense systems, weapons, and equipment means that there are significant opportunities for corporations operating in the defense industry.
Major Players in the Global Defense Industry
Some of the most prominent names in the global defense industry are Lockheed Martin Corporation (NYSE:LMT), RTX Corporation (NYSE:RTX), and Northrop Grumman Corporation (NYSE:NOC).
Northrop Grumman Corporation (NYSE:NOC) is an American multinational aerospace and defense technology company and one of the largest weapons manufacturers and military technology providers in the world. Northrop Grumman Corporation (NYSE:NOC) also ranks high among the most valuable defense companies in the world. On October 26, Northrop Grumman Corporation (NYSE:NOC) reported strong earnings for the fiscal third quarter of 2023, reflecting strong demand for military technologies. The company reported an EPS of $6.18 and beat estimates by $0.38. The company’s revenue for the quarter grew by 8.96% year-over-year and amounted to $9.78 billion, ahead of market consensus by $218.17 million.
RTX Corporation (NYSE:RTX), previously known as Raytheon Technologies Corporation, is one of the world’s largest aerospace and defense corporations and also one of the best defense stocks to buy now. On October 26, RTX Corporation (NYSE:RTX) announced that it is partnering up with Israel’s Rafael Advanced Defense Systems to build a manufacturing facility in East Camden, Arkansas. Once operational, the manufacturing facility will be used for the production of the Tamir missile for Israel’s Iron Dome Weapon System and its US variant, SkyHunter. Rafael Advanced Defense Systems and RTX Corporation (NYSE:RTX) have committed to a $33 million capital investment to construct the new facility.
Lockheed Martin Corporation (NYSE:LMT) is a leading global aerospace, arms, defense, and technology corporation that is also responsible for leading the F-35 production effort. On December 10, Lockheed Martin Corporation (NYSE:LMT) reported that it presented Belgium’s first F-35A Lightning II aircraft to the Belgian government during a rollout ceremony at the company's F-35 production facility, which was attended by senior government and military leaders from Belgium and the US. This event marks a crucial milestone in the history of the Belgian Air Force and solidifies the bond between the US and Belgium, a key member of the NATO alliance. The report also mentions that Belgium's program of record calls for 34 F-35As. So far, Lockheed Martin Corporation (NYSE:LMT) has delivered over 980 F-35 aircrafts and the F-35s are now operating from 31 bases around the world.
Now that we have discussed the recent trends in the global defense industry while also briefly discussing how global peacefulness is declining at an alarming rate, let’s take a look at the 30 most peaceful countries in the world heading into 2024.
30 Most Peaceful Countries in the World Heading into 2024
Pixabay/Public Domain
Methodology
In this article, we have listed the 30 most peaceful countries in the world heading into 2024. To collect data for our list of the most peaceful countries, we consulted the 2023 Global Peace Index (GPI) by the Institute for Economics & Peace (IEP). This database provided us with rankings of the most peaceful countries and their overall score, which is calculated using militarization, ongoing conflicts, and safety and security in each country. While the list is published annually, we used data obtained for the latest year in their dataset, which was released in June 2023. Finally, we narrowed down our selection to rank the 30 most peaceful countries in the world heading into 2024 based on their overall scores. The countries with a lower score are considered to be more peaceful. The list below is in ascending order, starting with the less peaceful and moving towards the most peaceful countries.
30 Most Peaceful Countries in the World Heading into 2024
30. Bulgaria
Overall Score: 1.643
First up on our list of 30 most peaceful countries in the world heading into 2024 is Bulgaria. Bulgaria is a country in the Balkans in Europe, and it has a rich heritage of traditional dance, music, costumes, and crafts thanks to Greek, Slavic, Ottoman, and Persian influences in the country.
29. Poland
Overall Score: 1.634
Poland is a developed country and a high-income economy. Poland has a low crime rate and one of the lowest violent crime rates in Europe. It is considered to be a safe and peaceful country.
28. Sweden
Overall Score: 1.625
Sweden is a Scandinavian nation that is considered to be a highly ethical country, with high levels of transparency and low levels of corruption. As a developed nation, Sweden is also known for its progressive social and economic policies.
27. Latvia
Overall Score: 1.582
Latvia is a country on the Baltic Sea between Lithuania and Estonia. It is a developed country with a high-income and advanced economy. While corruption remains a major problem affecting politics, Latvia is considered to be a safe and peaceful country where civil liberties are generally respected in law and in practice.
26. Slovakia
Overall Score: 1.578
Slovakia is a landlocked country in Central Europe that is mostly mountainous. With friendly and helpful locals as well as a stable economy, Slovakia is considered to be a safe and comfortable country to live in.
25. Estonia
Overall Score: 1.563
Estonia is a country in Northern Europe that ranks among the top 25 on our list of most peaceful countries in the world heading into 2024. Estonia exceeds the average in safety, education, environmental quality, and social connections.
24. Norway
Overall Score: 1.55
Norway is a Scandinavian country that is famous for beautiful mountains, glaciers, deep coastal fjords, and forests. Moreover, thrilling outdoor activities such as hiking and kayaking are a big part of what makes Norway famous. It ranks among some of the most admired and respected nations in the world.
23. Mauritius
Overall Score: 1.546
Mauritius is an island country in the Indian Ocean in East Africa. It is best known for its beaches, lagoons and reefs. With a low crime rate and general respect for the rule of law, Mauritius is considered to be the most peaceful African country.
22. Australia
Overall Score: 1.525
Australia is known for being a transparent, prosperous, and innovative economy. It also ranks among some of the most advanced countries in education. Australia’s governance and legal systems are transparent and trustworthy.
21. Qatar
Overall Score: 1.524
Qatar is a country in the Middle East. Low crime rates and high level of security have helped Qatar rank high among the world's safest and most peaceful countries. Qatar is also one of the richest countries in the world and the country’s residents enjoy a high standard of living and a well-established system of social services.
20. Belgium
Overall Score: 1.523
Belgium is a country in Western Europe that ranks among the top 20 most peaceful countries in the world heading into 2024. Belgium is a high-income country and it boasts a high quality of life and healthcare for its citizens. Best known for its medieval towns, Belgium is also home to the headquarters of the European Union and NATO.
19. Malaysia
Overall Score: 1.513
Malaysia is a Southeast Asian country that is known for its beaches, rainforests and mix of Malay, Chinese, European and Indian cultural influences. Owing to political stability, social cohesion, economic growth, and commitment to multiculturalism, Malaysia is recognized as a peaceful nation.
18. Hungary
Overall Score: 1.508
Hungary is a landlocked country in Central Europe that is known for its diverse, beautiful landscapes and natural resources. With a low crime rate, Hungary is considered to be a safe, peaceful, and secure country.
17. Bhutan
Overall Score: 1.496
Bhutan is a landlocked South Asian country. With low levels of corruption and crime, it is widely recognized as one of the safest travel destinations in the world. Bhutan also ranks high among the happiest nations in the world, and the Bhutanese people embrace a simple way of life, prioritizing peace and adhering to strong principles of discipline.
16. Netherlands
Overall Score: 1.49
The Netherlands, in northwestern Europe, is known for a flat landscape of canals, windmills, tulip fields, and cycling routes. With a high quality of life, good work-life balance, multicultural society, great healthcare system, and safety and security, the Netherlands is one of the most peaceful countries in the world heading into 2024.
15. Germany
Overall Score: 1.456
Germany is a Western European country with a diverse landscape of mountain ranges, rivers, and forests. While it was Germany that started World War 2 in 1939 by invading Poland, today it ranks among the top 15 most peaceful countries in the world heading into 2024. Germany is famous for its cars and it is one of the richest countries in the world in terms of GDP.
14. Croatia
Overall Score: 1.45
Croatia is a developed European country that is considered to be very safe in terms of violent crime and the threat of terrorism. Croatia consistently ranks among the safest and most peaceful countries in the world.
13. Finland
Overall Score: 1.399
Finland ranks 13th on our list of most peaceful countries in the world heading into 2024. Finland is one the best countries for quality of life, civil rights, and press freedom. It also ranks high among some of the happiest countries in the world because of high levels of trust and freedom within the country.
12. Czechia
Overall Score: 1.379
Czechia, also known as the Czech Republic, is a landlocked country in Central Europe. With a low crime rate, strict observance of human rights, political stability, freedom of speech, and high levels of safety and life satisfaction, Czechia is considered to be one of the most peaceful and safest nations.
11. Canada
Overall Score: 1.35
Canada is the second largest country in the world by size. Canada ranks among some of the best nations in terms of quality of life, education levels, public services, civil liberties, environmental sustainability, government transparency, and public security.
10. Switzerland
Overall Score: 1.339
Switzerland is a mountainous landlocked country in Central Europe that ranks among the top 10 on our list of most peaceful countries in the world heading into 2024. The country is home to high peaks of the Alps, beautiful villages, and numerous lakes. Well-known for its neutrality, Switzerland has a good reputation globally and it ranks high among the best countries in the world according to immigrants.
9. Japan
Overall Score: 1.336
Japan is an island nation in East Asia that is known for its distinctive gardens and traditional arts. It is home to a number of UNESCO World Heritage sights and also known as the sushi capital of the world. Since the end of World War 2, Japan has consistently upheld the values of a peace-loving nation.
8. Slovenia
Overall Score: 1.334
Slovenia is a country in Central Europe that is mostly mountainous and forested. With an extremely low crime rate and an even lower violent crime rate, Slovenia has established a reputation for being one of the safest and most peaceful countries in the world.
7. Portugal
Overall Score: 1.333
Portugal ranks among the most reputable and safest countries in the world. The country is best known for its diverse landscapes, rich cultural heritage, and warm and welcoming people. Portugal is considered to be a safe, stable, and peaceful country.
6. Singapore
Overall Score: 1.332
Singapore is a city-state and an island country in maritime Southeast Asia. With a transparent legal system, proactive citizens, a strong police force, and low levels of crime rate, Singapore is considered to be one of the most peaceful countries in the world heading into 2024.
