All NATO members projected to hit old spending target, with just three set to meet new goal
Summary
NATO reported that all 32 member countries will meet a defense spending goal of 2% of their GDP this year, a target influenced by the ongoing conflict in Ukraine and past pressure from the U.S. Only three countries will reach the new, higher goal of 3.5% GDP spending. Germany is increasing its defense budget and expects to meet the new target by 2029.Key Facts
- All 32 NATO members are projected to spend 2% of their GDP on defense this year.
- This marks a change from last year when only 10 countries met the 2% goal.
- A new spending goal of 3.5% of GDP was set at a NATO summit in June.
- Only Poland, Lithuania, and Latvia are set to meet the 3.5% goal this year.
- The increase in spending is partly due to security concerns from Russia's actions in Ukraine.
- Germany plans to spend 2.4% of its GDP on defense by 2025 and 3.5% by 2029.
- Eastern European countries are leading in defense spending relative to GDP.
- Economic challenges in countries like Spain and Belgium may affect their ability to meet new targets.
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