Latvia intends to significantly increase its defense expenditures in the coming years due to the impact of Russia's invasion of Ukraine in the regions outlook.
On Thursday, the Latvian parliament approved a decision by the Riga government to gradually raise defense expenditures for the North Atlantic Treaty Organization (NATO) and the European Union, to reach 2.5 percent by 2025.
It should be stated that the defense budget of Latvia will exceed 758 million euros this year, which is equivalent to 2.2 percent of its gross domestic product, this proportion is expected to rise to at least 2.4 percent of the forecasted GDP in 2024 and to no less than 2.5 percent of the forecasted GDP in 2025.
Latvia is located in the Baltic region on the borders of Russia and Belarus.
