Sweden to Increase Defence Spending by SEK300 Billion Over the Next Decade

A New Era of Defence Spending

Sweden, a country that has traditionally maintained a policy of military non-alignment, has made a significant shift in its approach to defence spending. In the wake of Russia’s invasion of Ukraine, Sweden dropped its non-alignment policy and applied for NATO membership, becoming the 32nd member in March 2024. This move has led to a significant increase in defence spending, with the government planning to allocate SEK300 billion (US$30 billion) over the next decade.

From Non-Alignment to Rearmament

Sweden’s defence spending has been significantly reduced since the end of the Cold War. However, following Moscow’s annexation of Crimea in 2014, the country began to re-evaluate its defence strategy. In 2022, Sweden announced its intention to increase defence spending to 2% of GDP as soon as possible. This move was seen as a response to the growing security concerns in the region.

Raising the Bar

The Swedish government has set its sights on increasing defence spending to 3.5% of GDP by 2030, a significant increase from the current 2.4%. Prime Minister Ulf Kristersson has emphasized the need for a robust defence strategy, stating, “We have a completely new security situation… and uncertainties will remain for a long time.” He added that this marks Sweden’s “biggest rearmament since the Cold War.”

Aiming High

Sweden has already made significant investments in defence, with plans to increase spending to 2.6% of GDP in a few years. This is already above NATO’s 2% spending target. Kristersson believes that NATO and European NATO countries need to take major steps in the coming years to address the growing security concerns. He expects NATO to increase its spending target at an upcoming summit in June, and Sweden is aiming towards what it believes the new target will be.

Financing the Increase

While previous defence spending increases have been financed through the country’s regular budget, Kristersson has stated that it is necessary to “borrow” funds for defence during a “transitional period” to rearm in such a short time. This will require a significant amount of funding, but the government is committed to making it happen.

Conclusion

Sweden’s decision to increase defence spending is a significant shift in its approach to national security. With a long history of non-alignment, the country is now firmly committed to strengthening its military capabilities. As the country continues to invest in its defence, it is clear that the focus is on building a strong and robust military to address the growing security concerns in the region.

FAQs

* What is Sweden’s current defence spending?
Sweden’s current defence spending is 2.4% of GDP.
* What is the aim of Sweden’s new defence strategy?
The aim is to increase defence spending to 3.5% of GDP by 2030.
* When did Sweden apply for NATO membership?
Sweden applied for NATO membership in the wake of Russia’s invasion of Ukraine, becoming the 32nd member in March 2024.
* How much is Sweden planning to spend on defence over the next decade?
Sweden is planning to allocate SEK300 billion (US$30 billion) over the next decade.