Many Ukrainian IT specialists are losing touch with the global industry because they cannot leave the country.
(Photo: IMAGO/ZUMA Wire)
Vienna The IT industry of Ukraine is a phenomenon. In recent years, it has experienced a rapid upswing and even in 2022, according to figures from the Central Bank of Ukraine (NBU), exports of IT services were still increasing. Foreign revenue was $7.4 billion, up from a seventh of that ten years ago.
But now it turns out that the war is also slowly destroying this sector. According to the NBU, exports of IT services in January and February 2023 fell by 27 percent compared to the previous year.
“We’re in a perfect storm,” said Stepan Mitish, Ukraine head of IT giant Epam, at a recent industry conference. In addition to war as the main evil, the global economic downturn and high interest rates, which make investments in IT infrastructure more expensive, have recently added to the difficulties. Software companies have cut tens of thousands of jobs worldwide.
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