Sweden intends to significantly raise its defense spending, bringing it to 3.5% of GDP by 2030. This exceeds the previously planned growth rates outlined by the government.
As Prime Minister Ulf Kristersson announced on March 26, this goal has been set in response to the changing security situation. According to Reuters, earlier projections estimated defense spending would reach 2.4% of GDP in 2024 and 2.6% in 2028. However, considering U.S. warnings that European security is no longer Washington’s top priority, Sweden has decided to accelerate its rearmament efforts.
Kristersson noted that NATO may soon call on its allies to spend between 3% and 4% of GDP on defense, and Sweden is prepared to meet the preliminary target of 3.5%.
Funding for these measures will partly come from borrowing. The Swedish government and the Sweden Democrats party have agreed to raise approximately 300 billion Swedish kronor (around $29.9 billion) for rearmament by 2035.
