Sweden plans defense spending increase to 3.5% of GDP

Sweden's Prime Minister Ulf Kristersson announced a significant increase in defense spending, targeting 3.5% of the country's GDP by 2030, marking the largest military buildup since the Cold War. This plan involves an investment of approximately 300 billion Swedish kronor (around €27.7 billion) over the next decade, driven by security concerns following Russia's invasion of Ukraine and the changing dynamics of transatlantic relations. The government aims to strengthen Sweden's defense capabilities, support Ukraine, and enhance NATO's collective security. Kristersson emphasized the need for European NATO countries to make substantial improvements in defense, which he hopes will be confirmed at the upcoming NATO summit. The funding will be primarily sourced through loans, in contrast to previous defense budget increases financed directly from the national budget. This strategic shift underscores Sweden's commitment to bolstering national security and military readiness in a volatile geopolitical environment.