Despite economic slowdown, Pakistan’s gig economy continues to shine

Despite economic slowdown lead by the coronavirus pandemic, Pakistan’s gig economy continued to be among the best, as the country became the eighth fastest-growing freelancing nation with year-on-year revenue growth of 68 percent.

Pakistan gig s’- economy has witnessed a surge in new freelancers due to government intervention with online education, revealed Payoneer in its latest report titled Freelancing in 2020: An Abundance of Opportunities.

Following the global trend, the demand for freelance service in Pakistan was hit hard due to the overall slowdown of the global economy and the desire of businesses to cut cost, revealed the report.

“As seen in the State of Freelancing during COVID-19 report, 64 percent of Pakistani freelancers reported a drop in their revenues due to many businesses and companies cutting outsourcing costs and halting new projects,” it said.

Likewise, this response is reflected in the revenue figures where freelancing continued to grow year-on-year but temporarily slowing from 21pc growth in March to 16pc growth in May. However, while demand for freelancers took a tough hit at the peak of the pandemic. 82pc of Pakistani freelancers in our State of Freelancing during COVID-19 report were confident that the demand would rise once the crisis subsides.

“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,” it added.