Sweden Aims for 3.5% GDP Defence Spending by 2030

Sweden plans to increase its defence spending to 3.5% of GDP by 2030, faster than initially planned. Currently projected at 2.4% in 2023 and 2.6% in 2028, the increase comes amid a potential NATO expectation for member states to spend 3-4% of GDP on defence.

Sweden has announced a provisional plan to raise its defence spending to 3.5% of GDP by 2030, a move aimed at bolstering European security as the U.S. directs its focus elsewhere. This marks a significant increase from the 2.4% projected for 2023.

Prime Minister Ulf Kristersson revealed this development during a press conference, stating that the country's defence expenditure would surpass previous projections of 2.6% by 2028. The adjustment comes as NATO is expected to establish a new benchmark for member nations to dedicate between 3% and 4% of their GDP to military spending.

"It's challenging to predict the exact figure," Kristersson commented, "but we're advocating for a level that will substantially enhance the European NATO countries' defensive capabilities." The announcement underscores Sweden's commitment to aligning with NATO's anticipated objectives.

(With inputs from agencies.)