Pakistan’s decision this week to begin negotiations with China to buy six submarines coincided with confirmation of figures showing that foreign direct investment is down 21 per cent to just $1bn in the first eight months of the financial year ending in June.
Clearly, worsening economic realities have been ignored by ruling politicians and powerful generals who seem convinced that the threat to Pakistan’s shipping lanes is greater than the multiple economic, social and political challenges faced on land.
Pakistan’s defence planners have sought to keep pace with military expansion in neighbouring India. Yet, with Pakistan’s economic performance falling well behind India’s, the effort may be futile in the long run.
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