The parliamentary budget officer says the federal government would need to spend an additional $75.3 billion on defence over the next five years for Canada to reach NATO’s target of two percent of GDP.
Yves Giroux released an independent forecast today of the military expenditures needed for Canada to meet the target, agreed to by NATO members in 2006.
Based on government figures, Giroux forecasts that Canada’s total military spending will increase from $36.3 billion in the 2022-23 fiscal year to approximately $51 billion in 2026-27.
Canada has faced growing calls to boost its defence spending to meet the NATO target in light of Russia’s invasion of Ukraine….