NATO needs almost 10 trillion dollars to rearm its armies - Bloomberg

 The US and its allies will need trillions of dollars to rearm their armies. For a number of governments, this will become a real problem in the conditions of the modern arms race.

This is reported by Censor.NET with reference to Bloomberg.

The publication noted that last year the countries of the world spent a record 2.2 trillion dollars. In addition, they seek to change the level of GDP on defense to 2%. But some officials say defense funding needs to be increased to 4% to meet NATO's plans.

If the US and its G7 allies were to carry out such plans, rearmament spending would amount to approximately $10 trillion, Bloomberg noted.

"The harsh reality for the US and its allies is that dictator Vladimir Putin's efforts in Ukraine mean that they need to dramatically strengthen their defenses in Eastern Europe at the same time as creating a counterweight to China. At the same time, Beijing is increasing cooperation with Moscow," the publication wrote. .

There are also problems with the threat to Taiwan from China. This ambiguous situation, as well as the policies of Chinese leader Xi Jinping, are forcing Western leaders to solve problems related to taxes, social security and government loans that have been brewing for years.

Most Western countries in the coming years will have to choose between raising taxes, draining money from other branches of the budget and borrowing to increase defense financing, analysts at Bloomberg Economics noted.