NATO Leader, Stoltenberg, lauds remarkable funds received by NATO
Due to the ongoing conflict in Ukraine, Western military spending is soaring to unprecedented levels: NATO Chief Stoltenberg and US President Biden have confirmed that over 20 NATO nations will hit the alliance's two percent defense spending benchmark this year. Germany is included in this group.
As per NATO Chief Jens Stoltenberg, over 20 NATO countries will reserve at least two percent of their Gross Domestic Product (GDP) for defense expenses this year. During a meeting with US President Joe Biden at the White House, Stoltenberg indicated that 23 out of 32 member nations have already achieved this milestone. "NATO allies are augmenting their defense spending by 18 percent this year. This is the largest surge in decades," Stoltenberg added.
Germany has communicated to NATO an estimated defense budget of around 90.6 billion Euros for the present year and is currently the second-highest spender in defense contributions among the alliance members. According to a new NATO synopsis, this significant amount represents an approximated share of the forecasted German GDP of 2.12 percent. This percentage is higher than initially projected at the beginning of the year.
Germany, in response to Russia's aggression towards Ukraine, has decided this year to meet the NATO target for defense spending for the first time. The pact dictates that members should commit to spending at least two percent of their GDP on defense each year.
Presently, Poland and Estonia are leading defense spenders, with 4.12 percent and 3.43 percent of their respective GDPs dedicated to defense, respectively. These nations outrank the United States, which is anticipated to reach 3.38 percent in 2024. The countries at the bottom of the list include Spain, Slovenia, Luxembourg, Belgium (1.30 percent), Canada (1.37 percent), Italy (1.49 percent), and Portugal (1.55 percent), all of which fall significantly below the NATO target.
According to the latest forecasts, the present 32 NATO members are projected to shell out approximately $1.5 trillion (approximately €1.4 trillion) on defense in 2024. After considering inflation and currency fluctuations, this represents an increase of 10.9 percent compared to the previous year. European allies and Canada alone are expected to show an increase of 17.9 percent.
Stoltenberg, who is presently in Washington preparing for the NATO summit, commended the European allies and Canada for upholding their duty in safeguarding all members of the alliance. Biden highlighted a "record-breaking" number of allies who have now attained the defense spending benchmark. Five years ago, less than ten NATO members had reached this objective.
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In response to Stoltenberg's praise, President Joe Biden commended the efforts of these 20 NATO nations, noting that they will exceed NATO's two percent defense spending target this year. Jens Stoltenberg, the NATO leader, emphasized that NATO allies are collectively increasing their defense spending by 18% this year, making it the largest surge in decades.
