Pakistan ranks 4th among world’s fastest-growing freelance markets

Pakistan has been ranked as the fourth fastest-growing freelance market with 47 per cent growth in freelance earning during the second quarter as compared to the same period of last year.

According to the global payment platform Payoneer’s Global Gig Economy Index, published in Forbes, Pakistan was among the top freelance markets leaving behind regional countries including India, Bangladesh and Russia.

The report was based on a sample of the more than 300,000 freelancers in Payoneer’s network.

According to the report, the US stood at the top with 78 per cent growth followed by the UK at 59 per cent, Brazil 48 per cent, Pakistan 47 per cent, Ukraine 36 per cent, India 29 per cent, Bangladesh 27 per cent, Russia 20 per cent, and Serbia 19 per cent growth.

The report observed that many freelancers in developing economies were young adults looking to get a foothold in a career.

Pakistan, where many freelancers are under age 30, is a good example, it added.

“In Pakistan, there is a younger generation seeking more opportunities,” said Eyal Moldovan, general manager of Payoneer.

Payoneer’s research said that on a global level, the 35-44-year-old age group is doing the best at making money in freelancing.

This group contributes 32 per cent of earnings even though it represents only 23 per cent of freelancers.

The youngest cohort of freelancers, those aged 18-34, made up 64 per cent of freelancers but only earned 53 per cent of total earnings, it added.

Those freelancers of 45-54 years age made up 9 per cent of freelancers and brought in 9.4 per cent of earnings, whereas those above 55 years made up 5 per cent of freelancers and brought in 4.9 per cent of earnings, the report revealed.

“In the past, it was the US and UK outsourcing most of the work from developed to developing countries,” said Moldovan.

“Now we start to see Asia rising. We see many countries in Asia outsourcing to other countries in Asia. There is a changing of power among nations in the buying of goods and services