Zürcher Nachrichten - Sweden to raise military spending over Ukraine war

EUR -
AED 4.2804
AFN 77.00368
ALL 96.580114
AMD 443.844105
ANG 2.086359
AOA 1068.789777
ARS 1667.072313
AUD 1.75332
AWG 2.097951
AZN 1.972067
BAM 1.95641
BBD 2.346432
BDT 142.534443
BGN 1.956969
BHD 0.439237
BIF 3442.173288
BMD 1.165528
BND 1.509171
BOB 8.05051
BRL 6.337098
BSD 1.164963
BTN 104.746008
BWP 15.477826
BYN 3.34933
BYR 22844.356995
BZD 2.343021
CAD 1.610702
CDF 2601.459778
CHF 0.936391
CLF 0.027497
CLP 1078.694141
CNY 8.240402
CNH 8.237693
COP 4469.789828
CRC 569.077441
CUC 1.165528
CUP 30.886503
CVE 110.300339
CZK 24.202217
DJF 207.454686
DKK 7.468822
DOP 74.563249
DZD 151.128474
EGP 55.300711
ERN 17.482926
ETB 180.702444
FJD 2.634618
FKP 0.87379
GBP 0.873581
GEL 3.141131
GGP 0.87379
GHS 13.252075
GIP 0.87379
GMD 85.083348
GNF 10123.113015
GTQ 8.923897
GYD 243.734952
HKD 9.068103
HNL 30.683567
HRK 7.536076
HTG 152.507553
HUF 382.108583
IDR 19440.198145
ILS 3.771312
IMP 0.87379
INR 104.826468
IQD 1526.169321
IRR 49083.310339
ISK 149.000846
JEP 0.87379
JMD 186.468142
JOD 0.826379
JPY 180.641781
KES 150.704975
KGS 101.925779
KHR 4664.454402
KMF 491.852653
KPW 1048.974993
KRW 1710.424855
KWD 0.357782
KYD 0.970899
KZT 589.161176
LAK 25262.768695
LBP 104325.381679
LKR 359.340503
LRD 205.046574
LSL 19.744372
LTL 3.441503
LVL 0.705017
LYD 6.332975
MAD 10.760055
MDL 19.822096
MGA 5196.620335
MKD 61.65949
MMK 2447.140495
MNT 4134.564794
MOP 9.342073
MRU 46.457486
MUR 53.695494
MVR 17.951093
MWK 2020.129888
MXN 21.173224
MYR 4.786804
MZN 74.489031
NAD 19.744372
NGN 1688.908807
NIO 42.873184
NOK 11.769391
NPR 167.591256
NZD 2.01278
OMR 0.447119
PAB 1.165063
PEN 3.916021
PGK 4.94352
PHP 68.665964
PKR 326.607938
PLN 4.229528
PYG 8012.498341
QAR 4.246479
RON 5.092157
RSD 117.437121
RUB 89.449495
RWF 1695.028519
SAR 4.374346
SBD 9.592989
SCR 15.753845
SDG 701.063515
SEK 10.942261
SGD 1.509937
SHP 0.874448
SLE 27.624965
SLL 24440.545996
SOS 664.607228
SRD 45.023208
STD 24124.085063
STN 24.507536
SVC 10.194135
SYP 12887.05829
SZL 19.729152
THB 37.116255
TJS 10.68907
TMT 4.091005
TND 3.41751
TOP 2.806313
TRY 49.62585
TTD 7.898242
TWD 36.289912
TZS 2873.610463
UAH 48.90845
UGX 4121.267354
USD 1.165528
UYU 45.564794
UZS 13937.405549
VES 296.687514
VND 30729.156744
VUV 141.449819
WST 3.250206
XAF 656.161595
XAG 0.020144
XAU 0.000277
XCD 3.149899
XCG 2.099646
XDR 0.816054
XOF 656.161595
XPF 119.331742
YER 278.037051
ZAR 19.730882
ZMK 10491.15474
ZMW 26.934398
ZWL 375.299675
  • NGG

    -0.5000

    75.41

    -0.66%

  • GSK

    -0.1600

    48.41

    -0.33%

  • CMSC

    -0.0500

    23.43

    -0.21%

  • RIO

    -0.6700

    73.06

    -0.92%

  • AZN

    0.1500

    90.18

    +0.17%

  • SCS

    -0.0900

    16.14

    -0.56%

  • RBGPF

    0.0000

    78.35

    0%

  • JRI

    0.0400

    13.79

    +0.29%

  • RYCEF

    -0.0500

    14.62

    -0.34%

  • BCC

    -1.2100

    73.05

    -1.66%

  • CMSD

    -0.0700

    23.25

    -0.3%

  • BCE

    0.3300

    23.55

    +1.4%

  • BTI

    -1.0300

    57.01

    -1.81%

  • BP

    -1.4000

    35.83

    -3.91%

  • VOD

    -0.1630

    12.47

    -1.31%

  • RELX

    -0.2200

    40.32

    -0.55%

Sweden to raise military spending over Ukraine war
Sweden to raise military spending over Ukraine war

Sweden to raise military spending over Ukraine war

Sweden's government announced plans Thursday for a major boost in military spending to two percent of GDP "as soon as possible", citing the security threat from Russia's war in Ukraine.

Text size:

Sweden, which ended decades of defence cuts after Moscow's 2014 annexation of Crimea, said it hoped to reach its goal within a decade but gave no specific date.

"We hope to get there as soon as possible," Social Democratic Prime Minister Magdalena Andersson told reporters.

The Scandinavian country, which during the Cold War dedicated up to four percent of its gross domestic product to the defence budget, drastically slashed its spending during the 1990s and early 2000s, to around one percent.

"The war in Europe is going to affect the Swedish people. We need to continue to strengthen the Sweden defence capability," Andersson said.

"The security situation in Sweden's vicinity has deteriorated over time. The Russian attack on Ukraine further exacerbates that," she said.

Andersson also warned that the number of young people called up to do mandatory military service -- which was reintroduced in 2017 -- would increase.

The right-wing opposition is expected to approve the plan in parliament.

Swedish public opinion has for the first time swung in favour of NATO membership, after Russia's invasion of Ukraine.

But Andersson has consistently rejected that option, saying earlier this week that applying to joing the transatlantic alliance at this time risked "destabilising" northern Europe, as Moscow fiercely opposes any NATO expansion.

Neighbouring Finland, which is not a NATO member either, has also rejected membership for the time being, though political and parliamentary discussions are underway there.

Sweden's defence budget for 2021 is around 66 billion kronor (6.2 billion euros, $6.8 billion), and the country had already agreed to raise that level to 91 billion kronor by 2025.

In 2020, its defence budget amounted to 1.2 percent of GDP, increasing to around 1.5 percent in the next few years with the investments already announced.

The two percent target is the same level that NATO requires for its members, though many fall short of the goal.

After the invasion of Ukraine, several European nations, including Germany and Denmark, have announced robust investments in their militaries.

L.Rossi--NZN