Sweden to raise military spending

Sweden's government wants to increase military spending to 2% of GDP "as soon as practically possible" in light of Russia's actions of Ukraine, Prime Minister Magdalena Andersson said on Thursday, Report informs, citing Reuters.

"Today, we present a new initiative with a clear message to the Swedish people and to the world around us. Sweden's defence capability must be greatly strengthened," Andersson told a news conference.

As the Cold War ended, Sweden's defence spending as a proportion of gross domestic product has fallen from 3% in the early 1980s to around 1% in recent years.