Rheinmetall CEO: expects rapid growth in NATO defense spending.

On Thursday, Rheinmetall CEO Papeg expressed his expectation that NATO defense spending will increase rapidly. Papeg said during a phone conference with analysts that NATO Secretary-General Stoltenberg told him at a meeting last week that member countries should increase defense spending to 3.5% of their respective GDPs. Insiders revealed last week that Stoltenberg suggested NATO member countries increase defense spending to 3.5% of GDP and commit an additional 1.5% for broader security-related expenses to meet the 5% target proposed by US President Trump.