Overview

• Sweden will increase defense spending by 300 billion kronor ($30 billion) over the next decade, marking its largest military buildup since the Cold War.
• The goal is to raise defense spending to 3.5% of GDP by 2030, up from the current 2.4%, as Sweden anticipates NATO setting higher spending targets.
• Prime Minister Ulf Kristersson emphasized the urgency of strengthening Sweden's defense capabilities in response to evolving European security challenges.
• To accelerate the buildup, Sweden will borrow funds during a transitional period, a significant shift from its previous reliance on regular budget allocations.
• Sweden's defense efforts align with broader European military expansions following Russia's aggression, though logistical challenges like personnel growth and equipment acquisition remain.