The 10 countries with the fastest-growing earnings for freelancers
August 07, 2019 @ 10:42 +03:00
Technology has made it easier than ever for individuals to boost their earnings with profitable side-gigs. And while U.S. workers of all ages are reaping the greatest rewards, young freelancers across Asia are quickly getting in on the act. That’s according to a new report from digital payments platform Payoneer, which has highlighted the world’s fastest-growing freelance markets and how they’re reshaping the nature of work.
America’s gig economy saw the greatest growth in 2019, with freelancer earnings up 78% year-on-year, according to the Global Gig-Economy Index released Tuesday. The study draws on data from more than 300,000 freelance workers within Payoneer’s network. The world’s largest economy was followed by the U.K. and Brazil, which each saw a jump in gig worker earnings over the past year, up 59% and 48%, respectively. However, it was Asia that recorded the greatest regional growth, with earnings up 138% across four countries.
That charge was led by Pakistan, which saw a 47% increase in freelancer revenues in the past year. It was joined in the top 10 by Philippines, India and Bangladesh. Here’s the top 10 list of freelance markets in 2019 based on year-on-year revenue growth.
Top 10 countries for freelancers
1. United States – 8%
2. United Kingdom – 59%
3. Brazil – 48%
4. Pakistan – 47%
5. Ukraine – 36%
6. Philippines – 35%
7. India – 29%
8. Bangladesh – 27%
9. Russia – 20%
10. Serbia – 19%
Interestingly, however, while the gig economy attracts professionals of all ages in the U.S., in other markets, it tends to skew toward younger generations, who may be more technically minded or used to less formal work structures. In Pakistan, for example, freelancers younger than 35 generated 77% of revenues, due in large part to improved tech education over recent years.
Overall, workers aged 35 to 44 stand to gain the most from freelance work, according to Payoneer. That group contributed 32% of global freelance earnings in the past year, despite representing only 23% of freelancers worldwide. Workers aged 18 to 35, meanwhile, made up the largest cohort at 64%, yet their earnings were relatively lower.
The 10 countries with the fastest-growing earnings for freelancers, CNBC, Aug 07