Sweden is planning a record increase in defense expenses, while the share of GDP in defense will increase to 3.5 percent by 2030.
Sweden plans to increase its defense spending by approximately 300 billion crowns (almost 28 billion euros) over the next ten years. At Wednesday’s press conference in Stockholm, this was announced by the Prime Minister of Ulf Kristersson, saying that his minority government has agreed with the right-populist Swedish Democrats (SD) who support it in parliament. Informed AFP.
Sweden drastically reduced its defense spending after the end of the Cold War, but after the annexation of the Ukrainian Peninsula, Crimea Russia changed the course.
This Scandinavian country, which only became a member of NATO last March, currently spends approximately 2.4 percent of the gross domestic product for defense; By 2030, this share should be increased to 3.5 percent.
While the increased defense expenditure so far has been financed from the current budget, according to Kristersson, they will be financed during the “transitional period”.
“We have a brand new security situation … and uncertainties will remain for a long time,” Kristersson said. He added that this is “the greatest re -arming of Sweden from the Cold War”.
