Stoltenberg assesses monumental NATO financial commitments
Due to the conflict in Ukraine, defense spending among western nations is skyrocketing: NATO Chief Stoltenberg and US President Biden affirm that over 20 NATO nations will hit the alliance's two percent defense spending threshold this year, with Germany being one of them.
As per NATO Chief Jens Stoltenberg, more than 20 NATO countries will shell out at least two percent of their GDP on defense this year. At a meeting with US President Joe Biden at the White House, Stoltenberg stated that 23 out of the 32 total member states have accomplished this objective. "NATO allies are boosting their defense spending by a whopping 18 percent this year. That's the most significant jump in decades," Stoltenberg added.
Germany announced its projected defense expenditures for the current year to NATO, amounting to around 90.6 billion Euros and currently standing as the second-largest contributor to the alliance in terms of defense spending. As per a fresh NATO overview, this record amount represents an estimated share of the projected German GDP of 2.12 percent, which surpasses initial expectations.
In response to Russia's aggression towards Ukraine, Germany has decided to meet the NATO defense spending target for the first time this year. The agreement mandates that members aim to spend at least two percent of their GDP on defense annually.
Poland and Estonia lead the pack in defense spending, with 4.12 percent and 3.43 percent of their GDP, respectively. These countries outperform the United States, which is forecasted to hit 3.38 percent by 2024. The bottom of the list includes nations like Spain and Slovenia, Luxembourg, which currently spend less than 1.3 percent, as well as Belgium (1.30 percent), Canada (1.37 percent), Italy (1.49 percent), and Portugal (1.55 percent), who will fall far short of the NATO target.
According to the latest figures, the 32 current NATO member states will fork out approximately 1.5 trillion US dollars (around 1.4 trillion Euros) on defense in 2024. After factoring in inflation and currency fluctuations, this represents an increase of 10.9 percent compared to the previous year. The European allies and Canada alone are projected to witness a growth of 17.9 percent based on these figures.
Stoltenberg, who is presently in Washington preparing for the NATO summit, lauded the European partners and Canada for assuming their share of the responsibility for safeguarding all members of the alliance. Biden spoke of a "record number" of allies who have now achieved the defense spending target. Only five years ago, fewer than ten NATO members had managed to accomplish this feat.
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Jens Stoltenberg commended the significant defense spending increase from NATO allies, with both the United States and Germany set to exceed NATO's two percent target this year. Joe Biden and Stoltenberg highlighted that more than 20 NATO nations will meet the defense spending threshold this year.
