Correct.
Someone better than me who knows about economy can better tell the consequences of defying the West. As I keep repeating, countries like Pakistan and Egypt and Turkey--all of them with large populations and relatively resource starved--would greatly suffer if they are merely kicked out of the SWIFT banking system. There would be mass unemployment in those countries, inflation, civil unrest etc etc.
Blaming Sisi or Erdogan or the Pakistani 'Establishment' is far far far easier than managing those countries' problems once the West decides to punish them. But at least in case of Pakistan, the Pakistanis didn't thump their chest like Erdogan did for Gaza or Sisi ignoring his Arab/Sunni/ethnic brothers in Gaza.