Canada to Significantly Boost Defence Spending: Carney's Bold Move

Canada to Boost Defence Spending to 2% of GDP: Carney's Announcement Ahead of G7 Summit Canada's Prime Minister, Mark Carney, made a significant announcement on Monday, stating that Canada will boost its defence spending to reach the NATO target of 2% of GDP this fiscal year. This move comes considerably ahead of the previously stated 2030 target and surpasses the 2032 goal set by the previous Trudeau government. The announcement was made during a speech at the Munk School in Toronto, just days before the upcoming G7 summit. Carney emphasized the need to accelerate investments in the coming years, citing new security imperatives. He stressed the importance of investing wisely, focusing on "made-in-Canada manufacturing and supply chains." In a direct challenge to past practices, Carney stated, “We should no longer send three quarters of our defence capital spending to America.” This proactive approach to defence spending signifies a shift in Canadian policy and reflects the evolving geopolitical landscape. The accelerated timeline demonstrates a commitment to strengthening national security and reducing reliance on foreign defence suppliers. The decision is expected to have significant economic implications for Canadian industries involved in defence manufacturing.