Why is NATO boosting defence spending and can Europe afford it?
Why is NATO boosting defence spending and can Europe afford it?
In a political win for US President Donald Trump, NATO member states have endorsed a big new defence spending target.
In what marks a major shift for NATO, the bloc’s member states have agreed to raise defence spending to five percent of gross domestic product (GDP).
The move will inject billions more dollars into armies and weapons, raising questions over how governments will foot the bill.
With public budgets under strain, many European politicians dismissed the target as unachievable earlier this year, when US President Donald Trump demanded it.
Europe’s priorities now appear to be shifting to security, citing growing threats from Russia.
And Chinese goods are flooding markets from Southeast Asia to Europe.
Plus, top economists call for debt relief in developing nations.