Canada needs to double its annual military spending in order to meet its NATO requirements, new Parliamentary Budget Officer (PBO) projections show.
After facing months of pressure from allies, the prime minister announced at the NATO Summit that Canada will meet its commitment of two per cent of its GDP by 2032.
The PBO estimates that would require spending at least $81.9 billion dollars per year on military infrastructure and staff.
According to figures by the Department of National Defence, military expenditures are forecast to rise to $41 billion for 2024-2025. The government’s defence policy, Our North Strong and Free (ONSAF), which was released in the spring, only forecasts spending to reach $57.8 billion by 2029-30, which amounts to 1.76 per cent of GDP.
More details to come.
