According to the Business Council of Canada, if the federal government does not meet its NATO military alliance spending obligations within the next five years, the economy will suffer.
Trudeau said he would reach 2% GDP spending on defence by 2032, but the Business Council of Canada says it should be done by at least 2030.
“If we don’t put our national security at the top, not near – but at the top of the list, we are playing Russian Roulette with our economy. Economic security comes from national security. Our government has to make those choices” said the Business Council’s president Goldy Hyder. The council also wishes to surpass the 2% requirement, and push for Canada to reach 2.5% by 2035. “Nothing can be more important than defence. … Our message and our paper is very simple: without security, there’s no prosperity,” Hyder said. What the council preaches is correct. Canada needs to spend more on defence. Failure to increase defense spending could lead to vulnerability in national security, which may deter foreign investments and harm trade relations. Additionally, a weakened defense posture might result in increased risks of cyberattacks and disruptions to critical infrastructure, causing economic instability. Furthermore, failing to meet NATO obligations could strain diplomatic ties with allies, potentially resulting in economic repercussions. There is no point in living in a prosperous country when a foreign country can just steamroll through your land due to a lack of national security.