France hopes to raise over US$5.4 billion to stimulate defense sector growth
The initiative comes in response to threats from Russia, and the US providing less support for Europe
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LIFESTYLE Geopolitics
France has set out a new objective to increase funding for its defense sector, hoping to raise €5 billion (US$5.4 billion). President Emmanuel Macron emphasized the importance of boosting the nation’s defense capabilities with threats from Russia looming while the United States appears to be reducing its support for European security.It might present a challenge to the French public, private companies, and public institutions alike, as Macron believes that defense spending must increase to 3-3.5% over time, whereas currently it sits at 2% of the country's gross domestic product (GDP).Indeed, it is currently a target of NATO that every member country should spend at least 2% of their gross GDP on defense. This figure was agreed upon in 2014 by NATO Heads of State and Government to help ensure the alliance's continued military readiness. However, by mid-July 2024, not all the alliance's 32 member states were meeting this target.
Meanwhile, NATO Secretary General Mark Rutte stated that 2% will not be enough to guarantee the alliance's security over the next five years, and that the new target should be above 3%. It now seems that Macron is aligned with Rutte’s view, aiming to achieve such a target for France. So, which member states have already met or are exceeding the current 2% threshold, and which nations are still failing to meet a benchmark agreed upon a decade ago? Click through this gallery and crunch the numbers.
All figures in USD.
Note: Iceland, a founding member of NATO, is not listed. It's the only member of the alliance that does not have a standing army, though it contributes to NATO operations with financial aid and civilian personnel.
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