Date: Friday December 27th 2019
Southeast Asia’s economy has one of the highest growth rates in the world. Start-ups based in Southeast Asia have higher levels of investor confidence – a total of $24 billion has been raised by tech companies since 2015. This is indicative of strong innovative and entrepreneurial energy in the region.
Furthermore, the internet economy is booming with 350 million Internet users living in the region, as reported in a study by Google and Temasek. By 2025, the internet economy is estimated to exceed $240 billion, and 1.7 million jobs will be created for highly skilled professionals.
Just like in the rest of the world, digital marketplaces play a huge role in the rapid growth of the freelance ecosystem in Southeast Asia. Platforms such as Workana and Payoneer are expanding to the region. In 2018, the Philippines ranked fourth out of 200 countries in terms of membership on Freelancer, with 93,000 freelancers and employers using the site.
Although there are still many who are self-employed out of necessity in the region, it is worth noting that there is increasing demand for Independent Doers with more specialised skills and experience such as in IT, marketing and finance.
According to the Q3 2018 employment index published by Monster, the fastest growing freelance roles (% growth M-o-M) in Singapore, Malaysia and Philippines are as follows:
Monster reports that the freelance economy will continue to grow in the coming years, with even traditional industries such as Engineering and Production starting to engage Independent Doers.
The booming internet economy has indeed unlocked many new opportunities for Independent Doers. With higher levels of investor confidence, we will likely be seeing more emerging Independent Doers willing to take the leap to start or scale their businesses.
Read our previous post here.
1. e-Conomy SEA 2018: Southeast Asia's internet economy hits an inflection point - Google, Temasek
2. Monster Employment Index Q3 2018 Report: http://monster.com.sg/logos/research_report/Hiring_Trends_MEI_Q3_SG.pdf