The Gig Economy in Developing Countries: A New Frontier in Economic Development?
What is gig economy? Composed of people who work short-term appointments or as sole proprietors or independent contractors. Let's look at the short video to know more about gig economy. People working in the gig economy can sign up for jobs on customer-facing platforms like ride-share apps or courier services, while others may be employed by a company on a freelance basis for a specific job. Did You Know？ As of September 2024, Malaysia’s gig economy surpassed three million own-account workers , reflecting continued strong growth and increasing reliance on gig work as a viable income source. Both the global and Malaysian workforces now comprise a sizable portion of the gig economy. Gig workers accounted for 33% of the world's workforce as of 2023, contributing to an economy worth about USD 455 billion. Approximately 4 million people, or 26% of Malaysia's 15.3 million workers, are engaged in the gig economy. This group consists of freelancers, food delivery ...