Economy growth 30 | 03 | 2022

The Role of IT Industry in Ukrainian GDP

The war in Ukraine changed a lot in the IT-sphere. It touched not only Ukrainians but most countries around the world.

Ukrainians and their descendants in other countries earned an extraordinary reputation worldwide in the last few years. The country is a popular destination to hire full-time software development engineers. Companies like PayPal, WhatsApp, Affirm, GitLab, Grammarly were founded or co-founded by Ukrainian software engineers and are well known and used.

The sector of information technology was the base of Ukraine’s economy, generating about 4% of gross domestic product (GDP). War caused a crisis in the industry as well as in the whole Ukrainian economy. Most Ukrainian IT companies have to move their offices to the western regions of Ukraine and invested time and money to support their employees during wartime.

Sergiy Kornienko, CEO and Co-Founder of Agiliway told The European Business Review about steps that were made to overcome the first phase of the crisis. “Our partners can be sure to receive the same high-quality service along with mitigated risks while cooperating with the EU-based company,” commented Sergiy Korniyenko.

Ukrainian software specialists are doing their best to stay in business. In a nutshell, Ukraine is anticipated to become a tech paradise that’ll become a genuine engine of growth for the whole country in the near future.


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