Sweden aims to increase defense spending to NATO’s goals
The Swedish government wants to increase defense spending to achieve the goal that NATO’s defense alliance has set for its members, as the largest Nordic nation is trying to strengthen its ability to defend itself after Russia’s attack on Ukraine.
The country, which currently spends about 1.3 percent of GDP on its military, wants to reach the level of 2 percent of GDP, said Swedish Prime Minister Magdalena Andersson.
Andersson, who has tried to curb speculation about possible short-term applications for membership in NATO, mentioned the need to strengthen defense capabilities due to the invasion of Ukraine and a generally deteriorating security situation.
Photo: Reuters
– The allocation of resources to the defense should increase to 2 percent of GDP, and we should reach that level as soon as it is practically possible, Andersson says. “This is a big and decisive step for our country.”
The move, which would mean accelerating Sweden’s already ambitious plan for an 85% increase in defense spending from 2014 to 2025, reflects developments elsewhere in Europe.
Last month, German Chancellor Olaf Scholz announced plans for a massive increase in defense spending in a historic political shift, while Denmark also plans to reach NATO’s goals by 2033.
Swedish Saab rose as much as 9 percent, which led to an increase in European defense shares, following the announcement. The company’s shares have now risen by more than 50 percent since Russia’s large-scale attack on its neighbor.
Andersson’s government is facing increasing pressure from opposition parties advocating membership in NATO, as well as the general public, with the latest polls showing a diversity to join NATO.
Denmark, a founder of NATO, plans to gradually increase military spending from the same level as the share of GDP to reach the target of 2 percent by 2033.
As part of the agreement reached by its government and opposition parties last Sunday, it will hold a referendum on joining the EU defense pact.
Sweden has strengthened co-operation with its eastern neighbor Finland, which has the EU’s longest border with Russia and which is facing a similar increase in public support for NATO entry following Russia’s attack. The Finnish government has promised a reassessment of security policy, while at the same time saying that it is not in a hurry with the move.
Andersson said that the increased spending also means that “more young people must be prepared to do military service and contribute to the military defense.”
– We will see more of Sweden’s defense in the coming years, from north to south, all over the country, Andersson says. “We will together build Sweden’s resilience.”
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