Sweden to Meet New NATO Defense Spending Target

Sweden is set to achieve a new NATO defense spending target of 5% of its GDP, according to Prime Minister Ulf Kristersson. He made the announcement during a joint press conference in Stockholm with NATO Secretary General Mark Rutte.

The upcoming NATO summit in The Hague will propose that alliance members adopt this overall military spending target. It aims for 3.5% of GDP to go towards core military spending, with an additional 1.5% for defense and security-related investments.

As of now, Sweden spends around 2.7% of its GDP on defense. By 2030, the country plans to increase its defense spending to 3.5% of GDP, with further investments focusing on civil defense, cybersecurity, and other critical areas.

(With inputs from agencies.)