Over 65 per cent of freelancers in Bangladesh anticipate further growth in demand, and almost half of them predict business expansion of more than 50 per cent year on year, according to a survey conducted by Payoneer.
Payoneer founded in 2005 is a financial technology company empowering the world's small businesses to transact, do business and grow globally.
"Fields that exhibited particularly higher demand for Bangladesh freelancers in the past year include project management (100 per cent y-o-y change), programming (79 per cent y-o-y change), and content writing (60 per cent y-o-y change)," the survey reads.
The survey findings say despite the effects of high inflation and escalating living expenses, Bangladesh-based freelancers have taken strategic steps to tackle this economic recession.
Bangladesh-specific respondents also reported an average hourly rate of US$18, which is good considering the country's low cost of living.
Bangladesh-based freelancers work less than 30 hours per week, which is lower than their counterparts in other Asian nations and across the globe.
The survey reported that 57 per cent of Bangladeshi respondents raised their compensation, while 50 per cent had taken up more projects.
Moreover, nearly one-third (29 per cent) broadened their client base by extending their services to new countries.
The survey reported that the outbreak of Covid-19 acted as a catalyst in the rise of the freelance revolution, as individuals are increasingly drawn toward the flexibility and opportunities presented by the digital commerce landscape.
"This has led to a growing demand for freelancers among small-to-medium sized businesses (SMBs) seeking to leverage their services".
The freelance workforce in Bangladesh is the youngest when compared to their counterparts in the rest of Asia and the rest of the world, with 83 per cent under the age of 35
However some of the challenges faced by freelancers are -- finding new clients (86 per cent), accepting international payments (25 per cent), and managing their time (33 per cent).
Payoneer recently launched the fifth edition of the 2023 Freelancer Insights Report sharing details on the current state of the gig economy worldwide.
jasimharoon@yahoo.com