Gig economy: New jobs, old challenges

As the gig economy grows, it is vital to utilise its potential and address the challenges.

Gig economy is expanding rapidly worldwide, and Nepal is no exception. According to a 2015 RAND American Life Panel survey, alternative work arrangements in the United States increased from 10.7 percent in 2005 to 15.8 percent by late 2015. Today, the US gig economy is valued at about $1 trillion and is projected to grow at an annual rate of 16 percent. By 2027, it is expected to offer nearly 100 million gig jobs—far exceeding Nepal's yearly GDP. In South Asia, the economy is booming, with India leading the way. The number of gig workers in India rose from 6.8 million in 2020 to 7.7 million in 2021, and projections suggest it could reach 23.5 million by 2029. Bangladesh follows closely, with approximately 6.5 million gig workers.