Military spending to rise to 2% of GDP by 2024, says Lázár

Telco

pixabay

Military spending in Hungary will reach 1% of GDP in 2018 and the government will make a commitment to raise the rate to 2% by 2024, János Lázár, the head of the Prime Ministerʼs Office, said at his weekly press briefing on Thursday, as reported by Hungarian news agency MTI.

By 2024 the military budget could amount to HUF 1-1.2 trillion, the minister noted.

Lázár said the number of military personnel will increase and equipment will be modernized.

The first step in modernization will be acquiring transportation vehicles in the coming year for around HUF 45-50 billion to improve land and air logistics capabilities.

As a member of NATO, Hungary is bound by the allianceʼs agreement made in 2006 that members must spend at least 2% of their GDP on defense. In 2016, only five of 28 NATO members met the target.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.