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Pakistan is faced with budget deficits, high unemployment and slow growth. This study provides a link between defense spending, debt servicing, development expenditures and economic growth for Pakistan. We examine whether there is a causality between defense expenditures and debt servicing on the one hand and economic growth on the other during the period 19882011, using Toda Yamamoto-Modified Standard Granger Causality technique. The unidirectional causality found between economic growth-defense spending and debt servicing economic growth while bidirectional causality is found between development expenditure-economic growth and between current expenditure-economic growth. Research suggested to be selfsufficient in domestic defense industry which leads to curtail in import budget and it will create employment resources and funds will available for developing programs.

What Explains Our Slow Economic Growth? Causality Analysis between Economic Growth and Defense Spending in Pakistan