Rising prices and a weak currency mean Sweden will reach NATO's defense spending goal of 2 percent of GDP by 2026, two years earlier than previously planned. This was stated by the Supreme Commander of Sweden Mikael Biden, Reuters reported.
In the summer, Sweden and Finland applied for membership in NATO. Membership of the two Scandinavian countries was approved by 28 of the 30 NATO members.
He said Sweden will increase its military capabilities on land, sea, and air, and strengthen its presence on the strategic island of Gotland. Sweden will also double the number of conscripts to 50,000 in 2035 from 24,000 in 2025.
According to the commander-in-chief, higher prices for military equipment, rising interest rates, and a weak Swedish currency that make overseas purchases even more expensive mean that Sweden's defense spending is estimated to reach 2 percent of GDP sooner than previously estimated.
What he recommended was that the government initially set no red lines on joining NATO, such as the placement of NATO bases or nuclear weapons on Swedish territory.
