Germany attains NATO's 2% military spending benchmark.
Due to the ongoing conflict in Ukraine, defense budgets across the western world are experiencing unprecedented growth: NATO chief Stoltenberg and US President Biden confirm that over 20 NATO nations will hit the alliance's two percent defense spending threshold this year, with Germany among them.
As per NATO Secretary-General Jens Stoltenberg, more than 20 NATO nations are projected to invest at least two percent of their Gross Domestic Product (GDP) into defense this year. During a meeting with US President Joe Biden at the White House, Stoltenberg noted that 23 out of the 32 member states have already achieved this benchmark. "NATO allies are boosting their defense spending by 18 percent this year — marking the largest increase in many years," he added.
Germany recently reported to NATO that it is set to allocate roughly 90.6 billion Euros for defense spending this year, placing the country second behind the United States in terms of defense expenditure within the alliance. As per a fresh NATO report, this substantial budget amounts to an estimated 2.12 percent of the German GDP — a figure that surpasses earlier expectations.
In light of Russia's aggression toward Ukraine, Germany has committed to meeting the NATO defense spending target for the first time this year. The agreement states that members aim to allocate at least two percent of their GDP toward defense annually.
Poland and Estonia currently lead the pack in terms of defense spending, with 4.12 percent and 3.43 percent of their respective GDP dedicated to defense. These countries even outspend the United States, which is forecasted to reach 3.38 percent in 2024. At the opposite end of the spectrum, countries such as Spain and Slovenia, Luxembourg currently spend less than 1.3 percent. Other nations such as Belgium (1.30 percent), Canada (1.37 percent), Italy (1.49 percent), and Portugal (1.55 percent) are also predicted to fall significantly short of the NATO target.
Based on the latest calculations, the 32 current NATO member states are expected to spend approximately 1.5 trillion US dollars (around 1.4 trillion Euros) on defense in 2024. After accounting for inflation and exchange rate variations, this represents an increase of 10.9 percent compared to the previous year. European allies and Canada alone would supposedly achieve an excess of 17.9 percent based on these figures.
Stoltenberg, currently in Washington preparing for the NATO summit, commended European partners and Canada for shouldering their share of the responsibility for safeguarding all alliance members. Biden hailed a "record number" of allies that have now reached the defense spending goal. Just five years ago, fewer than ten NATO members had accomplished this feat.
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Following the confirmation by NATO Chief Jens Stoltenberg and US President Joe Biden, Germany is one of the over 20 NATO nations expected to surpass the alliance's two percent defense spending threshold this year. Additionally, NATO Secretary-General Stoltenberg mentioned during a meeting with President Biden that 23 out of the 32 member states have already met this benchmark.
