The goal of spending two percent of economic output on defense is “far away and short-term necessary purchases are not progressing,” according to a study by the German Economic Institute (IW), as reported by the “Rheinische Post” (Monday ed. ).
According to the report, the institute blames recent price hikes, delays in equipment acquisitions and the underfunding of the Bundeswehr in financial planning from the regular federal budget.
In response to the Russian attack on Ukraine, German Chancellor Olaf Scholz pledged to increase defense spending to two percent of gross domestic product. However, as the “Rheinische Post” now reports, citing the NAV forecast, the regular defense budget would have to be increased “by at least five percent” per year without adding the special fund to meet the two percent target.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
