LAHORE: Global payment platform Payoneer, in its latest report “Freelancingin 2020: An Abundance of Opportunities,” has ranked Pakistan as the eighthfastest-growing freelancing economy in the world with a year-on-year growthof 69 per cent.
The same report ranked the Philippines, India and Japan as the top threefastest-growing freelancing markets, with the Philippines market growing208 per cent annually, India 160 per cent and Japan showing 87 per centannual growth.
Following the global trend, the demand for freelance services in Pakistanwas hit hard due to the overall slowdown of the global economy and thedesire of businesses worldwide to cut costs. Earlier, Payoneer report onState of Freelancing Report During Covid-19 had noted that 64 per cent ofPakistani freelancers reported a drop in their revenues due to manybusinesses and companies cutting outsourcing costs and halting new projects.
“Likewise, this response is reflected in the revenue figures wherefreelancing continued to grow year-on-year but temporarily slowing from 21per 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 ofthe pandemic, 82 per cent of Pakistani freelancers in State of FreelancingDuring Covid-19 report were confident that demand would rise once thecrisis subsided.
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This confidence was proven correct as revenues soared in May. Lowshort-term revenue growth in the first quarter of 2020 was followed bysoaring revenue growth in the second quarter of 2020.
