The Top 10 Fastest Growing Freelance Markets in The World - Pak ranks 4th

webnise

MPA (400+ posts)
The U.S. topped the world in the growth of freelance earnings in the second quarter, with that figure rising 78% since the same quarter in 2018, according to the global payment platform Payoneer’s Global Gig Economy Index.

The next fastest-growing markets were:

2. the U.K. (59% growth)


3. Brazil (48%)

4. Pakistan (47% growth)

5. Ukraine (36% growth)

6. the Philippines (35% growth)


7. India (29% growth)

8. Bangladesh (27% growth)

9 Russia (20% growth)

10. Serbia (19% growth).


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

So why is the freelance economy growing so fast in these countries? It varies by country.

“In more mature markets like the U.S. and U.K., many companies, when they want to employ people, want to take less risk,” says Eyal Moldovan, general manager of Payoneer. “That is why freelancing continues to grow at a very high pace.”

There are also many professionals who voluntarily choose to freelance for lifestyle reasons, he said. “Platforms make it possible for them, and the work-from-home and gig economy is suitable for them,” Moldovan says.


In one sign of the increasing number of people doing independent work in the U.S., the coworking giant WeWork filed paperwork for its this past Wednesday, saying it planned to raise $1 billion in its initial public offering. Many free agents who need office space have turned to coworking spaces.

In other markets, a key driver of the growth in freelancers’ earnings is government-proposed outsourcing for industry, sometimes supported by tax breaks. “They are endorsing it,” says Moldovan.

Take Ukraine. It has created a special taxation regime for IT outsourcers and product companies that release them from the value-added tax, notes Moldovan. It also lets them employ freelancers free of labor tax as subcontractors. There are also simplified foreign exchange controls for these companies.

In the Philippines, the government-funded Rural Impact Sourcing Technical Training Project provides training for local talent with Information and Communications Technology-based knowledge to enable them to succeed as digital workers and entrepreneurs.


In India, the government provides freelancing opportunities for local talent under Digitize India Platform program. The government also provides training in digital skills through the India Skills Online program and the Ministry of Skill Development and Entrepreneurship focuses on supporting youth, women, and underrepresented groups.

Younger generations flock to freelancing

At the same time, many freelancers in developing economies are young adults looking to get a foothold in a career.

Pakistan, where many freelancers are under age 30, is a good example. “In Pakistan, there is a younger generation seeking more opportunities,” says Moldovan. “The domestic market isn’t big and developed.”

Here’s how the generations stacked up, in terms of earnings, in Payoneer’s research.

On a global level, the 35-44-year-old age group is doing the best at making money. This group contributes 32% of earnings even though it represents only 23% of freelancers.

The youngest cohort of freelancers, those ages 18-34, made up 64% of freelancers but only earned 53% of total earnings.
Those ages 45-54 made up 9% of freelancers and brought in 9.4% of earnings.
Freelancers ages 55+ made up 5% of freelancers and brought in 4.9% of earnings.

Freelancers are thinking like entrepreneurs

In markets such as Ukraine and India, some freelancers are taking an entrepreneurial approach, outsourcing the projects they win to counterparts in lower-skilled countries so they can make a profit.

“In India, when they take a project outsourced from overseas, they do subcontracting to lower-income countries that are less competitive, like Bangladesh,” says Moldovan.

Over time, Moldovan predicts, freelancers in Bangladesh will, in turn, be able to charge more. “It’s the law of supply and demand,” he says. “As more companies there have experience in non-domestic markets, rates will go up.”

The easier flow of information between countries is fostering phenomena like this in the digital era, Moldovan. And it will continue to transform markets, he believes.

“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.”

 
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Nice2MU

Prime Minister (20k+ posts)
If you check US and UK market, still Pakis and Indians in these countries would be in max number
 

Two Stooges

Chief Minister (5k+ posts)
لیکن پٹواری حرامجادے تو لُڈیاں ڈال ڈال کر تھک گئے، کہ
پاکستانی معیشت ڈوب کر وینز ویلا جیسے بن چکی ہے

روج مصّلے پر بیٹھ کر مودی کے پاکستان پر قبضے، اور

امرتسری بھڑووں کو چھوٹ کر لے جانے کی دعائیں کرتے رہتے ہیں
 

shafali

Minister (2k+ posts)


In a recent report, Pakistan has outranked the entire Asian continent as it becomes the fastest-growing freelance market in Asia, shortly behind the United States, United Kingdom and Brazil, making it the 4th in the list of fastest-growing freelance markets globally, with an exceptional growth rate of 47 per cent year on year.

According to Payoneer's Global Gig Economy Index, Pakistan has ranked on the top slot of fastest-growing freelance markets in Aisa, beating both India and Bangladesh at 7th and 8th position, respectively.

Overall, Asian economies are strengthening their position as freelance hubs with Pakistan, India, Bangladesh and the Philippines collectively attaining a 138 per cent improvement in earnings from Q2 2018.

Recently, Payoneer launched the Global Gig-Economy Index, which is based on the data of more than 30,000 freelancers, service providers and other professionals. The report delves deep into the gig economy and provides insights, broken down by geography and demographic trends.




 
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Qalandar

Minister (2k+ posts)
For donkey pujaris ....

However, despite several efforts of the government to invite companies like PayPal to Pakistan, the government has failed to make the Pakistani market lucrative and legislatively secure enough for companies like PayPal to set up shop in Pakistan. Recently, PayPal has declined Pakistan’s request to cater the Pakistani market. Hence, Payoneer has served as one of the most essential aspects of Pakistan's freelance market, serving as the only legitimate way to safely and securely bring earnings into Pakistan.
Yet, despite the hurdles, Mohsin Muzaffer says he is optimistic, adding, “Pakistan is ranked amongst the top 5 countries for freelancers. Payoneer has been the first choice for freelancers in Pakistan to withdraw their hard-earned money and we want to build meaningful communities across platforms to help fuel further growth of the market. Payoneer is also investing and helping build and further strengthen the ecosystem.”
 

kakamuna420

Chief Minister (5k+ posts)
For donkey pujaris ....

However, despite several efforts of the government to invite companies like PayPal to Pakistan, the government has failed to make the Pakistani market lucrative and legislatively secure enough for companies like PayPal to set up shop in Pakistan. Recently, PayPal has declined Pakistan’s request to cater the Pakistani market. Hence, Payoneer has served as one of the most essential aspects of Pakistan's freelance market, serving as the only legitimate way to safely and securely bring earnings into Pakistan.
Yet, despite the hurdles, Mohsin Muzaffer says he is optimistic, adding, “Pakistan is ranked amongst the top 5 countries for freelancers. Payoneer has been the first choice for freelancers in Pakistan to withdraw their hard-earned money and we want to build meaningful communities across platforms to help fuel further growth of the market. Payoneer is also investing and helping build and further strengthen the ecosystem.”
the problem is not to get paid but to get the best jobs.
We need to improve our quality, delivery and performance
 

Allama G

Senator (1k+ posts)
Just imagine the wonders Pakistani talent can do if Paypal was introduced here!!! we are missing a big chunk of business because of this
 

pkpatriot

Minister (2k+ posts)
For donkey pujaris ....

However, despite several efforts of the government to invite companies like PayPal to Pakistan, the government has failed to make the Pakistani market lucrative and legislatively secure enough for companies like PayPal to set up shop in Pakistan. Recently, PayPal has declined Pakistan’s request to cater the Pakistani market. Hence, Payoneer has served as one of the most essential aspects of Pakistan's freelance market, serving as the only legitimate way to safely and securely bring earnings into Pakistan.
Yet, despite the hurdles, Mohsin Muzaffer says he is optimistic, adding, “Pakistan is ranked amongst the top 5 countries for freelancers. Payoneer has been the first choice for freelancers in Pakistan to withdraw their hard-earned money and we want to build meaningful communities across platforms to help fuel further growth of the market. Payoneer is also investing and helping build and further strengthen the ecosystem.”
For ignorant worshipper of waderas like You, PayPal is reluctant to enter Pakistan because of FATF issue , you have once our Pakistan in blacklist and now in grey list. Till the time Pakistan get out of it such companies are not taking risk , also they are under some international pressure.
That is the filth of your waderas that Pakistan Nation is suffering but still fighting for survival.
 

rajputana

Voter (50+ posts)
For ignorant worshipper of waderas like You, PayPal is reluctant to enter Pakistan because of FATF issue , you have once our Pakistan in blacklist and now in grey list. Till the time Pakistan get out of it such companies are not taking risk , also they are under some international pressure.
That is the filth of your waderas that Pakistan Nation is suffering but still fighting for survival.
pakistan should come out of FATF issue.
 

Humi

Prime Minister (20k+ posts)
The modern day freelancing and gig economy is a scam. This is not necessarily a good trend for most. We want permanent jobs with good wages and benefits. Yes, many people benefit from the gig economy and free lancing but that means they don't enjoy certain benefits and labour rules need to be amended to protect such workers.
 
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