Pakistan Ranked among the top 10 fastest growing freelancing economy in the World
LAHORE: Global payment platform Payoneer, in its latest report “Freelancing in 2020: An Abundance of Opportunities,” has ranked Pakistan as the eighth fastest-growing freelancing economy in the world with a year-on-year growth of 69 per cent.
The same report ranked the Philippines, India and Japan as the top three fastest-growing freelancing markets, with the Philippines market growing 208 per cent annually, India 160 per cent and Japan showing 87 per cent annual growth.
Following the global trend, the demand for freelance services in Pakistan was hit hard due to the overall slowdown of the global economy and the desire of businesses worldwide to cut costs. Earlier, Payoneer report on State of Freelancing Report During Covid-19 had noted that 64 per cent of Pakistani freelancers reported a drop in their revenues due to many businesses and companies cutting outsourcing costs and halting new projects.
“Likewise, this response is reflected in the revenue figures where freelancing continued to grow year-on-year but temporarily slowing from 21 per cent growth in March to 16 per cent growth in May,” the report noted. However, while the demand for freelancers took a tough hit, at the peak of the pandemic, 82 per cent of Pakistani freelancers in State of Freelancing During Covid-19 report were confident that demand would rise once the crisis subsided.
This confidence was proven correct as revenues soared in May. Low short-term revenue growth in the first quarter of 2020 was followed by soaring revenue growth in the second quarter of 2020.