Germany to Raise Defense Spending Above 2% of GDP

German Chancellor Olaf Scholz spoke during an extraordinary session of the Bundestag on Sunday. 

PHOTO: ODD ANDERSEN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Length

1 minute

Germany will boost defense spending, bringing it above 2% of gross domestic product, and create a strategic gas reserve, Chancellor Olaf Scholz said on Sunday, marking a significant shift in the country’s defense and energy policies in reaction to Russia’s war in Ukraine.

Write to Bojan Pancevski at bojan.pancevski@wsj.com