DAVOS, Switzerland -- Sweden intends to increase defense spending to at least 2% of its gross domestic product by 2028, Swedish Finance Minister Mikael Damberg said in a May 25 interview with Nikkei. The country currently spends about 1.3% of its GDP on defense.
Sweden has applied to join NATO, which requests that member states spend at least 2% of GDP on defense. Sweden will increase its spending to that level over the next six years.
