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EY analysts examined two situations: keeping defense spending at the current rate, where European nations invest an average of 2% of GDP or less, and increasing defense expenditures to approximately 3% of GDP. The report's authors suggest that European nations should allocate €65 billion annually for the next six years to decrease reliance on the United States and enhance their defense abilities.
“Considering the existing challenges in security policy, there is an active discussion about the necessity to boost defense expenditures - and all signs indicate that in Europe this percentage will soon reach 3% of GDP or higher,” - stated EY-Parthenon senior partner Jan Friedrich Kallmorgen.
EY analysts observe that according to existing plans, European nations are set to spend approximately €72 billion annually on the defense sector in the upcoming years. This will generate or preserve approximately 680 thousand positions. According to EY calculations, raising investment to 3% of GDP will boost defense industry production by €113 billion annually. Analysts from the company believe that it would raise GDP by an average of 0.66% annually and generate 660,000 new jobs.
source: dw.de
“Considering the existing challenges in security policy, there is an active discussion about the necessity to boost defense expenditures - and all signs indicate that in Europe this percentage will soon reach 3% of GDP or higher,” - stated EY-Parthenon senior partner Jan Friedrich Kallmorgen.
EY analysts observe that according to existing plans, European nations are set to spend approximately €72 billion annually on the defense sector in the upcoming years. This will generate or preserve approximately 680 thousand positions. According to EY calculations, raising investment to 3% of GDP will boost defense industry production by €113 billion annually. Analysts from the company believe that it would raise GDP by an average of 0.66% annually and generate 660,000 new jobs.
source: dw.de