NATO Secretary General Jens Stoltenberg. Photo: Collected
The NATO member states in Europe will invest a total of $470 billion in defense this year, which will equal 2% of their combined GDP for the first time in the organization's history, NATO Secretary General Jens Stoltenberg said on Thursday (14 March).
"2023 was the ninth consecutive year of increased defense investment across Europe and Canada, with defense spending rising by an unprecedented 11%. In 2024, NATO allies in Europe will invest a total of 470 billion US dollars in defense, amounting to 2% of their combined GDP for the first time," Stoltenberg told a press conference presenting the Launch of the NATO Secretary General's Annual Report for 2023.
NATO allies set the 2% defense spending target in 2014, expecting to reach it by 2024. However, the military spending in many member states is still significantly below the agreed figure.
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