Norwegian Prime Minister Jonas Gahr Store announced on Thursday plans to raise the nation's defense spending this year to equal 2% of its GDP.
Norway was initially set to meet the goal in 2026 but will hit the goal early amid a potential threat from what the prime minister called a "dangerous and unpredictable" Russia.
The 2024 defense budget, initially expected to be about $8.75 billion, will be raised in a spring budget bill, Store said, without providing a specific figure. In 2022, Norway's defense budget accounted for 1.57% of the nation's GDP, according to NATO.
On Thursday, Store met with political rivals in parliament to discuss plans for long-term military strategies, the results of which are expected to be presented on April 5.
"The security policy situation is serious," Store said in a statement. "We have to live with a more dangerous and unpredictable Russia, probably for a long time."
Russia launched a full-scale invasion of Ukraine in February 2022, triggering fears among Russia's neighbors. Norway and Russia share a nearly 200-kilometer-long border in the Arctic.
Norway's decision comes before the upcoming NATO summit, set to take place in July. Store said Norway's increased defense budget will send a "powerful message" that the nation's spending goals will align with other allies.
Denmark announced similar plans to raise its budget Wednesday, saying it would be increased by $5.9 billion over the next five years, which would allow it to reach the NATO goal by next year, rather than 2030 as initially planned.
NATO chief Jens Stoltenberg said in February that 18 NATO members could meet the 2% target this year. Sweden officially joined the security alliance last week, bringing the number of members to 32.
According to Reuters, more countries are emphasizing meeting the NATO spending goal after recent comments from Republican presidential candidate Donald Trump, who said the U.S. wouldn't protect NATO members that didn't spend enough on defense.
Some information in this report came from Reuters and Agence France-Presse.
