Pakistan, world’s 4th fastest-growing freelance market in the world
With a growth rate of 47%, Pakistan stands behind only the UK, USA, and Brazil.
Pakistan is among the world’s youngest countries, which means, only 4% population is over the age of 65 years. 64% of the total population falls below the age of 30 years while 29% of Pakistanis fall in the age bracket of 15 to 29 years.
However, this young, energetic population which can play a significant role in the country’s economic activity, is becoming a burden due to lack of opportunities. However, it is quite optimistic to say that Pakistan is the fourth fastest-growing freelance market in the world.
The standings were revealed by a report by world’s leading payment platforms, Payoneer Global Gig Economy Index for Q2 2019. With a growth rate of 47%, Pakistan stands behind only the UK, USA, and Brazil. Interestingly, Pakistan has beaten India and Bangladesh on the chart.
Here is the list of world’s ten fastest-growing markets:
- U.S (78% growth)
- U.K. (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)
A number of significant initiative from the present and the past government have contributed to the positive results. The initiatives like e-Rozgar by PITB have had a positive impact in making Pakistan’s presence felt on the world’s freelancing landscape.
The e-Rozgar freelancing program, which is a joint collaborative project of Punjab Information Technology Board (PITB), Youth Affairs, Sports, and Archeology & Tourism (YASAT)’s, has successfully provided freelancing training to over 9,000 unemployed graduates. The trained individuals have collectively earned over 100 million rupees through freelancing overall.
The potential shows how Pakistan can generate massive economic activity through it. However, due to unavailability of PayPal and related means of getting the payments in Pakistan, it is still limited. If the government devises a way to make it possible, it can also add massively to foreign remittances.
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