Norway will increase military spending by $56 billion by 2036. It plans to strengthen its navy and air defense. This was reported by UNN with reference to Bloomberg.
Details
Norway intends to almost double its defense spending over the next 12 years due to threats from Russia. The government has announced a new long-term defense plan, which envisages an increase in military spending by $56 billion by 2036. The main focus will be on strengthening the navy and air defense.
Norway's plan complements the trend of sharp increases in military investment in the Scandinavian region, especially after Finland and Sweden joined the North Atlantic Treaty Organization.
The announcement comes after the Norwegian government announced last month that it will reach its defense spending target of 2% of gross domestic product as early as 2024, two years earlier than planned. Under the new plan, Norway's defense spending will reach 2.7% of GDP by 2030.
Recall
Polish President Andrzej Duda called on NATO to increase defense spending from 2% to 3% of GDP amid Russia's full-scale war in Ukraine.