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.

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.

A Swedish parliament committee says Sweden should increase its annual military budget by nearly 54 billion kronor ($5 billion) by 2030 to strengthen its air defenses and increase the number of conscripts,

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