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Ukraine among leaders in freelancer income growth - Forbes rating

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Photo: pixabay/alexcio_

Photo: pixabay/alexcio_

Ukraine is among the top five countries where the freelancer market is growing the fastest, according to Forbes.

The publication says the achievement was facilitated by the creation of a "special tax regime for IT outsourcing and food companies, which deprives relieves them of VAT," adding that Kyiv also simplified the control of currency exchange for such companies.

Quote"In some markets, such as Ukraine and India, some freelancers approach the field from the perspective of an entrepreneur, giving their projects for actual execution to cheap contractors in other countries," Forbes says.

According to the Global Gig Economy index from the Payoneer payment platform, income of Ukrainian freelancers grew by 36%.

The world leader in revenue growth for freelancers for two consecutive quarters remains the United States. Out of state Americans began to earn 78% more compared to the same period in 2018. Great Britain came in second with an increase of 59%. Brazil closes the top three (48%), and Pakistan took the fourth place (47%). The top 10 also included the Philippines, India, Bangladesh, Russia and Serbia.

The hiring of freelancers in developed markets such as the United States and the United Kingdom is associated with a reduction in risks by companies: "That is why freelancing is developing at such a fast pace," said Payoneer General Manager Eyal Moldovan. In other countries, various government outsourcing programs for specific industries have become a key driver of growth.

The rating was compiled on the basis of data on over 300,000 freelancers in the Payoneer network database.

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