Canada is currently spending at 1% of GDP and most NATO countries are below a 2% of GDP agreement.
Canada plans to increase annual defense spending from $18.9 billion in Canadian dollars in 2016-2017 to $32.7 billion in 2026.
(That’s the equivalent of an increase from $13.99 billion in the US to $24.2 billion.)
Canada has a GDP of about C$2.1 trillion. Canada will probably have an economy of about C$2.5 trillion in constant dollars in 2026.
Canada would go from about 0.9% of GDP in military spending to 1.3% of GDP in military spending.
If Canada was going to meet its 2 percent NATO requirement, they would have to basically increase their budget to around $40 billion Canadian dollars, and they’re talking about $32 billion dollars almost a decade from now.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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