Defense Committee Recommends Sweden Increase Military Budget to 2.6% of GDP

Sweden's parliamentary committee has proposed increasing military spending to approximately 2.6% of GDP by 2030, following the country's NATO accession in March. 

Currently, defense expenditure stands at around 120 billion crowns ($11 billion) in 2024, reaching NATO's 2% GDP target. Like many Western nations, Sweden reduced defense spending after the Cold War but began to increase it again after Russia's annexation of Crimea in 2014. 

Consequently, Sweden has reinstated limited conscription, acquired U.S.-made Patriot missile systems, and is bolstering its land, sea, and air forces, including the procurement of two new submarines. The committee, comprising representatives from all parliamentary parties, is expected to see its recommendations adopted.

Paraphrasing text from "Investing" all rights reserved by the original author.