OREANDA-NEWS  The G7 countries will need more than ten trillion dollars over the next ten years to implement current rearmament plans related to conflicts and the threat posed by China. This is reported by Bloomberg.

According to military officials, states' defense budgets probably need to match Cold War-era spending and account for four percent of GDP in order to implement NATO's plans. "The United States and its G7 allies will reach this level, which will mean more than $10 trillion in additional commitments over the next decade," the agency's analysts calculated.

It is noted that huge expenses will be accompanied by difficult decisions in the field of taxation, social security and government loans. "This is likely to transform defense companies, public finances and financial markets," explained analyst Jennifer Welch.

Welch stressed that economically weaker Western countries will have to make "a painful choice between increasing borrowing, reducing spending on other budget items and raising taxes." In addition, similar difficulties may await the United States.

Earlier, British Foreign Minister David Cameron called on NATO countries to increase spending on the military-industrial complex (MIC). He noted that this will strengthen the independence and independence of the bloc.