Sweden's parliamentary committee has recommended increasing the military budget by nearly $5 billion until 2030 to improve air defenses and expand conscription.

Sweden should raise its military spending to around 2.6% of GDP by 2030, a parliamentary committee said in a report on Friday, as the country rebuilds its defence capabilities after joining NATO in March.

Sweden’s military spending is set to rise to 2.6% relative to the size of its economy by 2030, with the newest NATO member planning to surpass the alliance’s common goal.