The total amount of 380 billion dollars will be invested in defense by the European countries of NATO this year, with Jens Stoltenberg stressing that 18 of its 31 members will achieve the target of 2% of their Gross Domestic Product for defense spending by in 2024.
“I expect that 18 allies will spend 2% on defense this year GDP them,” said Jens Stoltenberg at a press conference in Brussels, adding that total military spending is set to record another record year this year as its war of Russia against her Ukrainian entering its third year.
An “unprecedented” 11% increase in his countries’ defense spending NATO was recorded last year, said Jens Stoltenberg.
According to the newsit, NATO members have agreed since 2006 to spend 2% of their GDP on defense, but few have met this goal.
Berlin will meet its 2% target this year for the first time since the end of the Cold War.
In 2023, eleven allies were expected to meet the 2% target, according to previous NATO estimates – Poland, the United States, Greece, Estonia, Lithuania, Finland, Romania, Hungary, Latvia, Britain and Slovakia.
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