Sweden, the newest NATO member, plans to significantly increase its defense spending over the next ten years. Prime Minister Ulf Kristersson announced at a press conference in Stockholm that the government will invest approximately 300 billion Swedish kronor, or around 28 billion euros, in defense by 2035.
This decision was made jointly with the right-wing Sweden Democrats, on whose support the government coalition in the Swedish parliament relies. Kristersson described the plan as the largest military buildup since the Cold War era. Since the escalation of the war in Ukraine, the country finds itself in a completely new security political situation, he said.
Looking at US President Donald Trump, Kristersson also mentioned the many uncertainties regarding transatlantic relations. These uncertainties will persist for a long time, the prime minister stated. The credit-financed investments are necessary to increase defense spending to around 3.5% of Sweden’s gross domestic product by 2030, Kristersson said. Currently, the country’s military expenditures are around 2.4% of its GDP.