Sweden should raise its military spending to around 2.6% of GDP by 2030, a parliamentary committee said in a report on Friday, as the country rebuilds its defence capabilities after joining NATO in March.

Sweden's parliamentary committee has recommended increasing the military budget by nearly $5 billion until 2030 to improve air defenses and expand conscription.

In an era of heightened security concerns and geopolitical shifts, Sweden has embarked on a substantial overhaul of its military spending. The Swedish Defence Commission, a cross-party group, has advocated for an increase in defense spending to 2.