Canada needs to double its annual military spending in order to meet its NATO requirements, new Parliamentary Budget Officer (PBO) projections show.
After facing months of pressure from allies, the prime minister announced at the NATO Summit that Canada will meet its commitment of two per cent of its GDP by 2032.
The PBO estimates that would require spending at least $81.9 billion dollars per year on military infrastructure and staff.
According to figures by the Department of National Defence, military expenditures are forecast to rise to $41 billion for 2024-2025. The government’s defence policy, Our North Strong and Free (ONSAF), which was released in the spring, only forecasts spending to reach $57.8 billion by 2029-30, which amounts to 1.76 per cent of GDP.
More details to come.
The market dominance of mega caps is facing a critical test. Large cap companies, typically…
Andrew Robinson recorded his first Ontario Hockey League hat trick as the Windsor Spitfires downed…
Listen to this article | 4 minsinfoPresident Donald Trump’s suggestion that countries send warships alongside US naval…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Spot Bitcoin…
Conservative Leader Pierre Poilievre says a future Conservative government would pursue a tariff-free auto pact…
You want your clients’ families to one day become your clients as well, but 80%…