This Wednesday (24), the British Defense Secretary urged all NATO (North Atlantic Treaty Organization) members to increase defense spending to 2.5% of their gross domestic product (GDP) amid a “very dangerous world”. Highlighted in Grand Shops Network Sky News Given the growing global uncertainty, he thinks increasing defense investment to this extent is prudent.
He pointed out that Prime Minister Rishi Sunak will make this argument at the next summit of the military alliance in Washington. “I will be advocating this, and I know the Prime Minister feels strongly about this going into the NATO 75th anniversary summit in Washington,” Shabbs noted.
During a press conference with NATO Secretary General Jens Stoltenberg at a military base in Poland, Sunak announced that NATO has fully funded plans to increase defense spending to 2.5% of GDP by 2030.
“Our national security is our priority. While the threats are not new, their cooperation and efforts to reshape the world order require a strong response,” he said, referring to growing concerns about Russia, Iran, North Korea and China.
As Stoltenberg highlighted, rising defense spending is one of NATO's main concerns, as the numbers suggest less than a quarter of members have met the alliance's target.
Military spending is on the rise
Global military spending reached an unprecedented milestone in 2023, reaching a historic figure of $2.44 trillion, the Stockholm International Peace Research Institute (CIPR) said on Monday (22).
This 6.8% increase compared to 2022 represents the most significant annual growth since 2009 and the ninth consecutive increase, the company noted.
The United States, China, Russia, India, Saudi Arabia, the United Kingdom, Germany, Ukraine, France, and Japan show an increase in their military spending in 2023, and all 10 countries spent more.
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