Massive spending commitment at NATO Summit: An additional burden on Turkey's budget!

At the NATO Summit held in The Hague, a proposal to increase defense spending from the current 2 percent of GDP to 5 percent was put on the table. Shaped by the pressure of US President Donald Trump, this proposal represents a major economic burden for many member countries, including Turkey.

AGREEMENT REACHED ON 5 PERCENT TARGET

NATO Secretary General Mark Rutte’s statement that “we have obtained the signatures” revealed that the leaders have reached a consensus on the 5 percent spending target. In the message Rutte sent to Trump, the phrase “Europe will take on a major cost, this will be your gain” drew attention.

1.2 TRILLION DOLLARS IN ADDITIONAL COSTS

The total GDP of NATO countries is approximately 54 trillion dollars. The current budget of 1.3 trillion dollars allocated to defense in 2024 will rise to 2.5 trillion dollars in line with the 5 percent target. This means an additional expenditure of approximately 1.2 trillion dollars on an annual basis.

Turkey's GDP for 2024 is approximately 1.3 trillion dollars. While defense spending under NATO's current 2 percent target corresponds to 26.5 billion dollars, the new 5 percent target brings a burden of 66.1 billion dollars. This means an additional defense expenditure of approximately 40 billion dollars for the Turkish budget.

News Source: 12punto