Following Ukraine's victory and the end of the war, the IT industry is expected to rebound with an annual growth rate of 18-20%. This forecast was shared by Maria Shevchuk, Executive Director of the IT Ukraine Association, in an interview with Economic Pravda.
"As soon as the global tech sector emerges from recession, we will respond immediately. Once victory is achieved, we will return to growth at an annual rate of 18-20%. However, 2024 will see a slight decline," Shevchuk noted.
She emphasized that the current layoffs in major tech companies reflect a global trend.
"This is a post-COVID effect that initially resulted in a huge backlog of demand, allowing us to grow rapidly," she explained.
Regarding the impact of the war on the sector, Shevchuk described 2022 as a remarkable year for foreign audiences, as Ukrainian IT companies managed to fulfill contracts under incredibly challenging conditions. However, securing new contracts has become significantly more difficult.
"The biggest impact of the war lies in our export-oriented nature. We need to travel abroad and communicate. Furthermore, major clients have policies that prohibit them from working with high-risk regions or countries," Shevchuk asserted.
In such circumstances, Ukrainian companies often find themselves unable to bid on tenders or compete for clients.
