Sweden’s defense budget can reach 2% of GDP in 2028, says the military
STOCKHOLM, April 11 (Reuters) – Sweden’s defense budget can reach the target of 2% of GDP 2028 when the country increases spending in the wake of Russia’s invasion of Ukraine, the military said on Monday.
The government said in March that it would raise military spending to 2%, but said it was too early to say when the defense budget would reach that level. Read more
“It is not the case that the strengthening of our defense capability will not take place until 2028,” the Armed Forces said in a statement. “Significant increases in capacity will take place every year until then.”
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The military will submit a detailed investment plan to the government in November.
Sweden, which is not a member of NATO but with which it works closely, has increased defense spending, especially since Russia’s annexation of Crimea in 2014.
This year’s defense budget is estimated at around 1.3% of gross domestic product (GDP), up from 0.9% in 2015.
NATO members promise to spend 2% of GDP on defense, even if not everyone achieves that goal.
Sweden’s neighbor Denmark – a NATO member – has promised to increase spending to 2% of GDP by 2033. read more
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Reporting by Simon Johnson; Edited by Mike Harrison
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