Posted: 22.03.2024 16:01:00

Latvian FM: NATO preparing to switch its economy to wartime footing

Latvian Foreign Minister Krisjanis Karins said that NATO countries are preparing to switch their economies to wartime footing, TASS reports

Photo: www.reuters.com

Answering the question whether NATO had switched its economy to wartime footing, Krisjanis Karins noted that the alliance is moving in this direction. He added that since the beginning of the military conflict in Ukraine, the NATO allies have significantly increased investments in the defence sector.

On March 14th, NATO Secretary General Jens Stoltenberg presented his annual report on the security of the alliance and said that the NATO countries located in Europe and Canada will invest $470bn (2 percent of their total GDP) in defence in 2024.