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

Country records 47% growth during second quarter, according to Forbes

ISLAMABAD: Pakistan has been ranked the fourth fastest growing freelance market with 47% growth in freelance earning during the second quarter as compared to the same period of last year, as stated by Forbes Magazine.

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

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

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

It noted that many freelancers in developing economies were young adults looking to get a foothold in their careers.

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

"In Pakistan, there is a younger generation seeking more opportunities," said Paynoeer General Manager Eyal Moldovan

The research finds that the 35-44-year-old cohort was doing their best at making money in freelancing.

In the past, it was the US and the UK outsourcing most of the work from developed to developing countries, however, the rise of Asia has meant that many countries in Asia are now outsourcing to others in Asia, said Moldovan.

There is a chang of power dynamic among nations in recent times in the buying of goods and services, he added.