Germany's Scholz commits to spending 2% on defense ‘in the 2020s, in the 2030s and beyond'

German Chancellor has reiterated the country’s commitment to spend 2% of its gross domestic product (GDP) on defense, both in the short and long term. This announcement was made at the Munich Security Conference. Germany plans to invest 2% of its GDP on defense in the 2020s, the 2030s, and beyond. In 2024, Germany will fulfill this commitment through regular and special budget allocations for the first time since the early 1990s. Further updates on this news story are expected.