ISLAMABAD: Pakistan has been ranked as the 4th fastest-growing freelance market with 47% growth in freelance earning during the second quarter as compared to the same period of last year.
immense rose in the online globe it is a proud moment for the country. Besides, on other hand, the IT Industry has aghast rose.
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.Srilanka .
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 percent growth followed by the UK at 59 percent, Brazil at 48 percent, Pakistan at 47 percent, Ukraine at 36 percent, India at 29 percent, Bangladesh at 27 percent, Russia at 20 percent, and Serbia at 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.