I strongly disagree. Pakistan has always punched above its weight externally. It's only now that it is not able to do so.
Despite internal factors (population size, economy, skills) being low, Pakistan always punched far above its weight in the global arena due to the following external factors:
1. Due to allying itself with the US which provided immense funds allowing Pakistan to maintain a technologically relevant military with a capitalised economy. The network of US allies also allowed Pakistan to keep learning and sharing.
2. Due to focus on pan-Islamism. Arab states and Middle East since their independence been a hotbed of Islamic solidarity that allowed Pakistan to render their military capability in exchange of funds and good will.
Both these factors changed.
1. China is not willing to pay Pakistan like the US did. US is not willing to continue paying.
2. Hydrocarbon revenues are going to reduce for the Middle East. Pan-Islamism is reducing as rulers of KSA and UAE in particular focusing on becoming economic engines in their own right and need the support of countries that can provide technology, capital, markets and skills.