Germany's finance minister has announced a plan to increase the nation's defense spending to 3.5% of GDP by 2029, as part of the government's new budget strategy. Driven primarily by NATO's new spending goals, Chancellor Friedrich Merz's coalition is loosening previous debt restrictions to facilitate this increase. The current target is set at 2.4% for 2022, with a commitment to gradually reach the NATO-required 3.5%. This move reflects Germany's response to criticism regarding its past military expenditure and its strategic priorities in light of recent geopolitical tensions.
Germany's finance minister has outlined a plan to raise the country's defense spending to 3.5% of GDP by 2029, responding to NATO's increased targets.
The new coalition government is loosening strict debt rules to enable higher defense spending, marking a significant shift in Germany's military funding strategy from recent years.
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