💨 Abstract

Germany's finance minister announced plans to increase defense spending to 3.5% of GDP by 2029, aligning with NATO's new target. This follows years of criticism for not meeting the 2% target. The government aims to boost overall spending to 573.8 billion euros by 2029 and establish a 500 billion-euro fund for infrastructure upgrades. The move comes ahead of a NATO summit discussing increased defense spending.

Courtesy: WTOP Staff