Before the Russian invasion, Ukraine had built a reputation as a major IT hub and outsourcing destination. IT export volumes reached $6.8 million in 2021 and in 2020, venture capital and private equity invested more than $571 million in Ukraine’s tech sector. While the tech industry has faced massive trauma and disruption and many workers remain displaced, most tech companies in Ukraine have found ways to carry on, often while contributing to the broader war effort by fighting Russian disinformation or donating to the armed forces and humanitarian efforts. While many Ukrainian tech workers are staying in their homes and country, an estimated 13% of Ukraine’s tech workers are among the more than seven million Ukrainian refugees in Europe and some firms have made lasting plans to stay abroad. But Rest of the World found that many Ukrainian IT workers and entrepreneurs now see their role as helping to keep the Ukrainian economy moving and preparing for a peaceful future. An IT Ukraine report published in June found that 56% of companies surveyed still expected growth of 5%-30% in 2022, despite everything.
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