Leaving its arch-rival India behind, Pakistan has emerged as the fourth fastest-growing country in the freelance market.
This was revealed in Payoneer’s Global Gig Economy Index for Q2 2019.
According to the report, the online gig-economy in the country witnessed a 47 percent growth in revenue for Q2 2019, ranked behind the USA, UK, and Brazil.
Pakistan has beaten other Asian countries like India, Bangladesh, Philippines, and Russia to stand on the 4th position – with only a small 1% difference in revenue growth compared to Brazil.
The US remained the fastest growing market with a 78 percent growth rate, while the UK rallied behind with 59 %.
Here is a list of the top-10 fastest-growing freelancer markets in terms of revenue:
- US (78% growth)
- UK (59% growth)
- Brazil (48%)
- Pakistan (47% growth)
- Ukraine (36% growth)
- Philippines (35% growth)
- India (29% growth)
- Bangladesh (27% growth)
- Russia (20% growth)
- Serbia (19% growth)
The noteworthy improvement in the growth rate is the result of governments’ efforts in this field. The E-Rozgar freelancing program, Digiskills, and various other initiatives have played a significant role in nurturing a younger and tech-savvy workforce to meet the market’s demand.
The report reveals that Pakistan has witnessed a 42 percent increase in freelancers since the second quarter of 2018. Most of the freelancers fall within the 25-34 year age group.
The 42% increase in Pakistani freelancers since Q2 2018 was fuelled by several factors, most notably a very young population, 70% of which are under the age of 30.