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Sweden to spend 2% of GDP on defense by 2028: finance minister

Nordic country will boost defense outlays to meet NATO threshold

Swedish Finance Minister Mikael Damberg: "Many of the big NATO countries are also interested in Sweden and Finland joining, because it's not only about our security, it's also about NATO security."

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.

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