According to the Prime Minister, the 2% target is to be achieved “as soon as practicable”.
Stockholm
Swedish intends to invest heavily in its defense forces, the country’s prime minister said Magdalena Andersson at a press conference on Thursday.
The goal is to increase the share of defense spending to 2 percent of GDP. That is also a condition imposed on NATO member states by the military alliance. Sweden is not a member of NATO.
According to Andersson, the goal is to be achieved “as quickly as practicable”.
Russia’s invasion of Ukraine has weakened the security situation in Sweden and in Europe as a whole, and therefore Sweden’s defense capabilities must be greatly increased, Andersson said.
“I want to be clear here. More young people need to prepare for military service and take part in military defense, ”Andersson said.
The prime minister was asked at a press conference whether raising defense spending was a matter of convergence with NATO.
Andersson replied that increasing defense spending is about strengthening Sweden’s defense “so that we are safe in Sweden”.
In Sweden, for example, the moderate coalition of the opposition party has demanded that Sweden increase its defense spending to 2 percent of GDP by 2025.
Read more: Finland and Sweden should go to NATO as soon as possible, says the Swedish Coalition Party’s defense policy expert
The Treasury minister Mikael Damberg did not want to estimate on Thursday when Sweden could reach the 2% level. According to Damberg, the time target can only be set later after the necessary discussions with the relevant authorities have taken place.
Swedish has previously resumed investment in its defense forces after driving the defense down sharply in the 1990s. Defense decisions made in 2015 and 2020 have increased the defense budget by about 85 percent, Minister of Defense Peter Hultqvist said.
Raising defense spending to 2 percent of GDP would mean an annual cost of about SEK 108 billion (€ 10 billion), the news agency TT estimates. Last year, Sweden’s defense budget was about SEK 66 billion (EUR 6 billion).
According to Finance Minister Damberg, increasing defense spending requires a debate on funding and increasing government revenue.
“This is the right decision in a changed security policy situation, but it also has consequences. Funding a larger defense budget will affect us all, ”he said.
Last week, Denmark, a member of NATO, announced an increase in defense spending to 2% of GDP by 2033. Finland has also said that it will invest more money in defense.
Read more: Denmark holds referendum on joining EU defense and increases defense spending
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