Pakistan ranks 4th among world's fastest growing freelance markets

ISLAMABAD:  Pakistan has been ranked as 4th fastest growing freelance market with 47% 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 top with 78 percent growth followed by UK at 59 percent, Brazil 48 percent, Pakistan 47 percent ,Ukraine 36 percent, India 29 percent, Bangladesh 27 percent, Russia 20 percent, and Serbia 19 percent 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 percent of earnings even though it represents only 23 percent of freelancers.

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

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

“In the past, it was the U.S.and U.K. outsourcing most of the work from developed to developing countries,” says 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.