finance
NATO Allies Increase Defense Spending Toward 5% GDP Target
NATO allies have begun raising defense investment to meet a 5% of GDP goal by 2035. The commitments were made at the NATO Summit in The Hague.
May 20, 9:02 AM·1m read1 source
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NATO allies have started increasing defense spending to reach 5% of GDP by 2035. The commitments were agreed at the NATO Summit in The Hague. Officials said the increases are intended to fulfill pledges made at that meeting.
Allies are reporting higher defense budgets ahead of a foreign ministers meeting. The steps follow the summit agreement on the 5% target. No specific country spending figures were released in the announcement.
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