Pakistan has a huge black economy (undocumented economy), which is the reason why economic figures dont give an accurate estimate for Pakistan and that even despite low economic stats Pakistan manages to boast such a well equipped military and a complex nuclear program.
IMF and other agencies are aware of this, attended a World Bank lecture once and the person giving the lecture acknowledged this. Actual GDP and other stats are much different, its deliberately kept undocumented so that the elite can get away with tax evasion plus a black budget covers for the nuclear program.
Making a economic comparison argument seems irrelevant, the fact is if Pakistan's leadership feels they need something on priority they can procure it. Its about priorities. At the moment Pakistan's priorities are fighting a war with the militants so it is hesitant from committing resources on conventional weapons since war on the eastern front is unlikely and it will avoid one no matter what the provocation. Soon as the internal and western threat is neutralized and focus is again on eastern threat, expect a flux of modernization projects. The decision makers in Pakistan are very competent and know its better to hold out for better weapon systems for which they likely have received advance knowledge. The J-31 over taking the FC-20/J-10B being one example. Same reason for delaying the Cobra and frigate replacements. Despite delaying decisions for better options, if you analyze current platforms, operational capabilities are not being sacrificed and meeting all current actual threat assessments.
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