Germany to Miss Military Spending Target Next Year, Study Says
- Scholz pledged to spend ‘more than 2% of GDP’ on armed forces
- Government created special defense fund worth €100 billion
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Germany will fail to meet a NATO guideline of spending 2% of gross domestic product on its military next year and again from 2026 onwards, according to an analysis quoted in local media on Monday.
Chancellor Olaf Scholz pledged in a speech to parliament shortly after Russia invaded Ukraine at the end of February that Germany would invest “more than 2% of GDP annually” in defense, and announced the creation of a special fund worth €100 billion ($105 billion) to help achieve the goal.