Pakistan ranked the 4th largest freelance market with 47% revenue growth
The key reasons are government’s efforts and youth’s increased participation.
Pakistan was ranked fourth among the top countries in the world in terms of growth in earnings from freelancers. In the recently published Payoneer ranking for the freelancing marketplace, Pakistan has managed to beat other Asian countries such as India or the Philippines.
Year-Over-Year Revenue Growth:
Payoneer’s Global Gig-Economy Index for 2019 ranked countries based on data collected from thousands of freelancers around the world. The USA topped the list with an impressive 78% year over year revenue followed by the UK (59 %). Pakistan showed an increase of 47%, which is currently one point behind Brazil (48%).
Access To International Markets:
The report further expressed that 77% of earning was from freelancers below the age of 34. This can be linked to Pakistan’s blanket 4G coverage that has opened the doors to international markets. The growth can be contributed to the government’s efforts and the youth’s increased participation.
Many payment modes are currently being used in Pakistan like Payoneer, Xoom, TransferWise, etc. however, the Global digital payment platform PayPal is not present, which creates problems outside freelance platforms like Upwork, etc. The Government of Pakistan is working to bring PayPal to Pakistan eventually.
Modern Mobile Technology
Mobile phone subscribers have exceeded the 161 million mark while there are 69 million 3G/4G subscribers with modern mobile technology. It promotes more and more newcomers to choose to freelance.
63% of the total population in Pakistan is below the age of 25 and has massive potential for freelancing. Government-run programs like Digi skills and Erozgar programs helped boost this initiative, which is why there was a 47% growth in earnings during the second quarter of 2019.
Meeting The Demands:
The talented youth of Pakistan has played a significant role in preparing themselves and becoming a tech-savvy workforce, meeting the market’s demand. With the right guidance and hard work, they will continue to grow.