Pakistan – The Fastest Growing Freelance Market in The World
The practice of working remotely or as a freelancer for foreign companies is gaining popularity all over the world, including in Pakistan, which is one of the top nations for producing skilled labour in industries with high demand.
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The pandemic and recent advancements in communications technology are helping to globalize the labour market for talent, opening up new opportunities for people in developing countries to work remotely at higher wages for multinational corporations. Salaries of Pakistanis hired for remote work by foreign employers are among the world’s fastest rising.
Pakistani Youth Beating Unemployment With Freelancing
One of Pakistan’s most important societal issues is unemployment. Every time an issue arises in a society, there are usually several contributing factors.
There are undoubtedly other reasons for unemployment. Inflation in the population and a lack of employment opportunities are the main causes of this.
The focus on obtaining a single certificate rather than preparing students for the future at the university level, the emphasis on knowledge from a single book rather than knowledge that can be applied, bribery and recommendation, a lack of seriousness on the part of the students, deficiencies in academic standards, etc. are some of the other causes.
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There are important causes. Students and recent graduates sometimes appear nervous and frightened about their futures and ask numerous inquiries about them as a result of the rising unemployment rate.
However, Pakistani youth has found a way of beating unemployment with their skills and talent. With the rapidly growing digital technology, freelancing has become a very healthy earning source for most of the people.By integrating freelancers and utilizing the potential of Pakistan’s youth, who make up 63 percent of the population, the nation may significantly strengthen its economy.
According to experts, Pakistan should begin trading services with its neighbors, particularly in the area of freelancing, by using a third party as a financial intermediary.
Freelancing- The Most Highly Paid Job Market in Pakistan
In a thorough analysis on the IT industry, the Pakistan Software Export Board (PSEB) has outlined significant data detailing the sector’s accomplishments. According to a portion of the report titled “Freelancer: A Workforce in Acceleration,” the number of freelancers in Pakistan has increased at an exponential rate, generating $150 million in revenue for FY 2019–20 with exports to more than 120 nations.
Web development, graphic design, and programming are some of the most sought-after services provided by Pakistan’s freelancing talent, the research claims. In terms of freelancing, according to the research, Pakistan is rated fourth globally, only after the United States and the United Kingdom. Over 60% of the freelancers in Pakistan who sell their services are, according to the report, in their 20s and 30s.
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Many people have jobs they can do at home and make decent money. Many people in Pakistan successfully combine freelancing with their regular occupations to earn significant money.
Throughout the fiscal year 2021–2022, freelancers in Pakistan made a total of $397.328 million in export-related income. This sum includes $131.884 million in other non-IT-related services in addition to about $265.444 million in export services connected to information technology.
There has been a 2.4 percent increase in revenue as compared to the $396.243 million total revenue of the prior fiscal year. This included $363.064 million in exports connected to IT and $33.179 million in exports unrelated to IT.
If you solely compare exports of IT-related goods, they fell by 28.88 percent over the past two years, from $363.243 million to $265.444 million.
On the other hand, exports of goods other than IT surged, increasing by a staggering 297.492 percent.
According to a 2019 global survey by Payoneer, Pakistani women freelancers made $22 per hour, which is 10% more than the $20 per hour males made. While the wages of Pakistani male freelancers are comparable to the worldwide average, those of Pakistani female freelancers are greater.
A typical Pakistani freelancer makes $34,000 a year, or approximately 6 million Pakistani rupees, working 34 hours per week at $20 an hour, which is a modest income for a young Pakistani. For talented young people in underdeveloped countries like Pakistan, this is one benefit of the internet global job market. Experience with freelancing might occasionally result in Pakistani IT startups. Tech firms in Pakistan had a breakthrough year in 2021.
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In addition to enabling women to earn more than males, the digital gig economy is lowering obstacles for women to enter the workforce. A university degree does not, according to the report, help you earn more in the burgeoning gig economy. The poll was taken in 2015.
Pakistan is consistently ranked among the top destinations for outsourcing Internet Communications and Technology (ICT) due to the IT sector’s exponential growth, and it is ranked as the fourth most popular country for freelancing in the Online Labor Index published in 2017 by Oxford Internet Institute (OII). In the world rankings for software development and technology, Pakistan is ranked fourth.
According to Veqar ul Islam, a member of the Prime Minister’s Taskforce on Information Technology, government measures caused the export earnings of independent contractors, especially in the IT sector, to rise to a record $360 million in 2021.
At a media roundtable, he claimed that the government’s decision to exclude freelancers and the IT sector from all taxes will result in an increase in the $256 million in export income for freelancing that was recorded in 2020.
In addition to being exempt from paying taxes, freelancers now have easier access to banking services. He added that a number of skill-development initiatives have been started for young individuals who desire to work as independent contractors.
The abolition of taxes on IT services will motivate talented workers to take a leap of faith toward entrepreneurship and global expansion of their enterprises, in addition to encouraging new people to start freelancing.
Problems in eCommerce Sector
Lack of literacy, both digital and conventional, is a major obstacle to achieving the enormous potential of online freelancing. Digitally savvy online contractors can use their smartphones to work even outside of these hubs. Therefore, teaching students fundamental digital literacy in schools is even more crucial. It will benefit all forms of internet trade, not just freelance work.
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A result of e-commerce, which includes a variety of formats and economic methods, is the online freelance market. The so-called “sharing economy” (also known as “collaborative consumerism”) is the one that has received the most attention recently.
Conclusion
Freelancers make up a significant portion of the local application development workforce and are a key factor in the expansion of Pakistan’s IT industry. There are about 3,000 registered local businesses engaged in the creation of several applications for private and business usage.
Pakistan places a high priority on the development of IT, and the government has implemented measures to stimulate both domestic and foreign investment in this industry and increase exports of IT-related goods. It is time to use our youth’s ability to excel in the IT industry rather than wasting time on pointless politics.
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