Unprecedented Rise in NATO Defence Spending

Unprecedented Rise in NATO Defence Spending

NATO Defence Spending Milestone

• Secretary General Jens Stoltenberg's recent announcement regarding NATO's defence spending marks a significant milestone in the alliance's commitment to bolster security across Europe and North America.

• Unveiled on February 14, 2024, the data from the report demonstrates a substantial increase in financial commitments from European allies and Canada, reflecting a shared determination to strengthen NATO's collective defence capabilities.

• Since the initiation of the Defence Investment Pledge in 2014, these nations have collectively increased defence expenditure by over $600 billion.

2023 Highlights and 2024 Projections

• Notably, 2023 saw an unprecedented 11% real increase in defence spending among European allies and Canada, highlighting the alliance's resolve to address evolving security challenges effectively.

• Looking ahead, Secretary General Stoltenberg expressed optimism that 18 allies are on track to meet the 2% of GDP defence spending target in 2024, a significant leap from 2014.

European Allies and 2% GDP Target

• In a groundbreaking development, European allies are set to invest a combined total of $380 billion in defence in 2024, equivalent to 2% of their collective GDP for the first time.

• While celebrating this progress, Stoltenberg stressed the importance of continued efforts, urging all allies to meet the agreed-upon 2% benchmark outlined in the Vilnius Summit.

• According to Stoltenberg, achieving this target is essential for ensuring NATO's effectiveness in the face of emerging security threats.