Over 65% freelancers in Bangladesh anticipated further growth in demand, and almost half of them predicted business expansion of more than 50% year on year, according to a survey conducted by Payoneer.
Payoneer 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% y-o-y change), programming (79% y-o-y change), and content writing (60% y-o-y change), the survey read.
The survey findings also said that despite the effects of high inflation and escalating living expenses, Bangladesh-based freelancers took strategic steps to tackle this economic recession.
Bangladesh-specific respondents also reported an average hourly rate of $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% of Bangladeshi respondents raised their compensation, while 50% had taken up more projects.
Moreover, nearly one-third (29%) 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% under the age of 35
However some of the challenges faced by freelancers are — finding new clients (86%), accepting international payments (25%), and managing their time (33%).
Payoneer recently launched the fifth edition of the 2023 Freelancer Insights Report sharing details on the current state of the gig economy worldwide.