Bloomberg: NATO member states to spend more than $1.5 trillion on defense in 2025

NATO members are on track to spend more than $1.5 trillion on defense in 2025, Bloomberg informs, citing a report from the alliance.

The largest share is accounted for by the United States - $845 billion, while the EU and Canada have $559 billion, respectively.

All allies except Iceland will reach the current spending target of 2% of GDP. By 2035, this figure should come to 5%.

This plan was approved at the June Summit in The Hague. Of this, 3.5% should be allocated directly to defense, and 1.5% - to related issues, including infrastructure.