Germany reaches NATO budget target of 2%.

Germany has pledged to spend more than 2% of its GDP on defense this year. NATO leader Jens Stoltenberg praised the "unprecedented" increase in defense spending across the US-led alliance.

Earlier this week, Chancellor Olaf Scholz told the defense sector that Germany would meet NATO's defense spending target of 2%. Photo: AP

Accordingly, the German government will spend $73.41 billion (€68.58 billion) on defense in the current year, equivalent to 2.01% of Germany's GDP.

In 2023, Germany spent 1.57% of its GDP on defense, falling short of the 2% target. However, this past Monday, German Chancellor Olaf Scholz pledged to meet the 2% spending commitment during a visit to Rheinmetall's future weapons manufacturing site.

News of Germany meeting its 2% spending target comes as NATO Secretary General Jens Stoltenberg praised the "unprecedented" 11% increase in defense spending within the 31-nation alliance.

“This year, I expect 18 allies to spend 2% of their GDP on defense. That’s another record figure,” Stoltenberg said at a press conference before ministers in Brussels.

He said this figure represents a sixfold increase compared to 2014, when only three allies met the target.

Mr. Stoltenberg added that NATO's European nations will invest a total of $380 billion in defense this year.

In 2023, 11 allies are expected to reach NATO's previously estimated 2% target, including Poland, the US, Greece, Estonia, Lithuania, Finland, Romania, Hungary, Latvia, the UK, and Slovakia.

Defense spending in Europe has surged as Russia's war in Ukraine approaches its two-year mark.

The conflict has seen Western allies increase spending on military aid, although some have expressed concerns about continuing to fund Ukraine's defense efforts against Russia.

Mai Vân (according to DPA, Reuters)

Source: https://www.congluan.vn/duc-dat-muc-tieu-ngan-sach-nato-lan-dau-tien-ke-tu-chien-tranh-lanh-post284541.html