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.
Space Exploration Technologies (SPCX), Elon Musk’s rockets and satellites company, also known as SpaceX, went…
blinking-dotLive updatesLive updates, US, Iran set to hold talks in Switzerland as Tehran closes the…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR …
EDMONTON – Justin Rankin ran in a pair of touchdowns and quarterback Cody Fajardo carried…
One person has died following a two-vehicle collision in Brampton on Friday afternoon. The crash…
VettaFi’s Head of Research Todd Rosenbluth discussed the Victoryshares Free Cash Flow ETF (VFLO) on this…