Finland is forced to strengthen its defense due to the threat from Russia. Prime Minister Petteri Orpo announced that defense spending will increase by billions of euros annually.
This was reported by Yle.
According to Orpo, in order to increase defense spending, Finland needs to accelerate economic growth, although this comes with certain challenges.
"I’m glad that there is almost complete consensus among all parties in Finland on this issue. The population is aging, which means our expenses are constantly increasing by billions. We simply have to find a solution, and economic growth is the only sustainable path," he emphasized.
Orpo added that the Finnish government plans to raise defense spending to 3% of GDP by 2029. This means an annual increase in the budget of €1.5–2 billion.
The Prime Minister noted that this is entirely achievable, although the simultaneous growth of national debt remains a serious concern. He added that the additional funds will be directed toward the army, the protection of the eastern border, and the air defense system.
"We don’t have time to hesitate," Orpo concluded.
