IT experts expect a 5-10% drop in the industry’s exports this year.

Lviv IT cluster CEO Stepan Veselovskyi stated: “Ukraine may lose competitive advantages over other countries in the field of innovative technologies.”

He said that despite the modest positive month-on-month dynamics in the first quarter of 2024, the total export turnover of IT services amounted to almost $1.59 billion, 5% less than the same period in 2023 (-$84M).

“Therefore, we expect an additional 5% to 10% drop in the industry this year. This will be quite noticeable for the Ukrainian economy,” Veselovskyi predicted.

He emphasizes that it is now essential to consider maintaining competitiveness with other countries. Problems with protecting employees from conscription and short-term trips abroad must be resolved. According to him, this will make it possible to resume growth in the Ukrainian IT industry. These signals will reassure foreign clients and give them the understanding that it is possible to work with Ukraine, despite the war.