The number of IT specialists working in Ukraine in 2023 increased by about 2.7% to 346.2 thousand people, according to the research Digital Tiger: the Power of Ukrainian IT, prepared by the IT Association.
Executive Director of IT Ukraine Association Maria Shevchuk specified that such statistical data were provided at the request of IT-Association and the Ministry of Digital Transformation by the State Statistics Service.
“At the same time, the same IT specialist can be an individual entrepreneur (FOP), a salaried employee employed in the staff of an IT company, and a specialist working under a gig contract. This duplication is not reflected in the statistics figures,” Shevchuk specified.
According to the research data, the biggest growth was observed among specialists working in IT on gig-contract. Their number in 2023 increased by 3.9 times – up to 23.2 thousand. At the same time, the number of specialists registered as entrepreneurs (FOP) decreased to 265 thousand against 272.8 thousand in 2022.
The study points out that there are no new data on the number of employees employed in the staff of IT companies for 2023, but in 2022 their number reached 58.1 thousand people.
In general, for five years from 2018 to 2023, the growth in the number of IT-specialists in Ukraine amounted to 78.4%, stated in the study Digital Tiger: the Power of Ukrainian IT.
The number of taxes paid by the IT industry in Ukraine during the full-scale invasion has decreased – according to the data given in the study as of January 1, 2022, $1.018 billion was paid, January 1, 2023 – $996.7 million, January 1, 2024 – $982.6 million.
The number of M&A deals in IT in 2022 decreased from 19 for $146 million to 11 for $161.2 million in 2023.
IT in Ukraine remains an important partner for foreign companies despite the ongoing war, said Stepan Mitish, vice president of EPAM Ukraine, at the presentation of the study.
“When our clients need to do something impossible, they go to Ukraine, against all odds. With all due respect to other countries and nationalities, but Ukrainians are about creativity, about knowledge and technology, result-oriented, indestructible and productive, which the last two years have proven,” Mitish said.
As an example, he cited US-based MedTech, which specializes in healthcare products. According to him, the company, realizing “the uniqueness of Ukrainian talents,” increased the size of its team from 25 to 200 people during the two years of full-scale invasion. Mitish did not specify the name of the company.
Polling stations in India, the world’s largest democracy, will open on April 19, CNN reported Saturday, citing the election commissioner.
An estimated 960 million people in the country of 1.4 billion are eligible to vote in the widely expected election, which will take a month to complete. Voting will take place in seven phases across the country and will conclude on June 1. Indians will vote for 543 seats in the 545-seat lower house of parliament, called the Lok Sabha, with the other two seats in the chamber appointed by the president.
All votes – from the country’s 28 states and eight union territories – will be counted on June 4, the commission said at a news conference in New Delhi. According to the Election Commission, 968.8 million people have registered to vote in the 2024 elections, up 6 percent from 2019.
Current Prime Minister Narendra Modi’s Bharatiya Janata Party (People’s Party of India, BJP) party is expected to gain another five years in power, governing an India that has become increasingly polarized along religious lines.
Under Modi’s leadership, India is poised to become a 21st-century power as its economy grows rapidly. But the populist leader, analysts say, has tightened his grip on the country’s democratic institutions, something not seen since the 1970s under Indira Gandhi’s iron-fisted rule. Minorities feel persecuted by the BJP’s Hindu-nationalist policies, and dissent is suppressed.
Modi is opposed by the main opposition Indian National Congress, which has ruled the country for 77 years since independence and last year formed an alliance with other parties. The Indian National Inclusive Development Alliance, or INDIA, was an important step for the opposition as it tries to regain national prominence. But cracks have already appeared in the alliance and it has yet to nominate a candidate for prime minister, lacking anyone with the stardom and appeal of Modi.
The prime minister’s calendar last year included diplomatic trips to Australia and the United States, where he appeared as a statesman cementing the country as a modern world power.
In August, India made history by soft landing a rover on the moon, becoming the fourth country to do so. A few weeks later, it launched its first spacecraft designed to study the Sun.
In September, India hosted the Group of 20 (G20), giving New Delhi an opportunity to extend its leadership beyond the country’s borders at a time of growing political instability.
In January this year, Modi gave an unofficial kick-start to his election campaign by inaugurating the controversial Ram Janmabhoomi Mandir, a Hindu temple in the holy city of Ayodhya that was built on the site of the demolished Babri mosque.
Modi’s BJP won 303 seats in Parliament in 2019, crossing the 272-seat threshold required for an absolute majority and dealing a humiliating blow to the Congress party. Earlier, think tank Experts Club presented an analysis on the most important elections in countries around the world in 2024, more video analysis is available here -.
In his analytical video published on the Experts Club YouTube channel, Maxim Urakin, founder of the project and PhD in Economics, focuses on the key indicator of global macroeconomics – gross domestic product (GDP), which plays a central role in analyzing the economic well-being of countries. GDP is the total value of all goods and services produced in a country over a certain period of time. This indicator helps to assess how productive a country’s economy is and is an important indicator of its overall economic well-being.
Analyzing GDP dynamics on a global scale
According to Urakin, analyzing the last decades shows significant changes in the global economy.
“In the 1990s to 2000s, first of all, there was significant economic growth in countries such as the US and China, as well as in developing countries such as India. It was a time of economic prosperity for developed countries and a period of rapid growth for some emerging markets,” explained the founder of Experts Club.
But then the world economy was rocked by crises, including the global financial crisis of 2008 and the subsequent European debt crisis. These events, according to Expert Club, slowed global GDP growth and exposed the vulnerability of many economies previously considered promising.
“In recent years, we have faced new challenges, such as the COVID-19 pandemic, which led to a significant downturn in the global economy, and geopolitical tensions, including the war in Ukraine. These events have re-emphasized the interconnectedness and interdependence in the global economy,” said Urakin.
GDP and geopolitical changes
Urakin notes that in the context of geopolitics, GDP serves not only as a measure of economic development but also as an indicator of international influence.
“India, surpassing the UK, has become the fifth largest economy in the world, which emphasizes the shift of global economic forces to the Asian region. This is also confirmed by the fact that China, having overtaken the US in terms of purchasing power, has confirmed its status as a global economic power,” the economist emphasized.
Future trends
Analysis of global GDP dynamics shows that the global economy continues to recover from the pandemic, but geopolitical instability has a restraining effect on this growth. According to Maxim Urakin, it is important to monitor developments and adapt to changing conditions to ensure sustainable economic growth in the future. Ukraine, in this context, needs to focus on strengthening domestic political stability, restoring economic potential and continuing reforms to improve its post-war prospects and strengthen its position on the global stage.
To learn more about global GDP, check out the video on the Experts Club channel at the link:
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https://www.youtube.com/@ExpertsClub
GDP (Gross Domestic Product) is the total market value of all final goods and services produced in a country over a given period of time (usually a year). It measures a country’s total output and economic activity, being one of the key indicators of its economic health.
Nominal GDP is an estimate of gross domestic product expressed in current market prices, not adjusted for inflation or deflation. This means that when measuring nominal GDP, current prices of goods and services are taken into account, which can lead to higher GDP when prices rise (inflation), even if actual output has not increased.
PPP (Purchasing Power Parity) GDP is a method of estimating GDP that takes into account differences in the cost of living and price level between countries. The PPP GDP calculation uses prices adjusted to reflect real purchasing power in different countries. This allows for a more accurate comparison of living standards and economic activity between countries because it takes into account differences in the cost of goods and services in different places.
The article collects and analyzes the main macroeconomic indicators of Ukraine. In connection with the entry into force of the Law of Ukraine “On Protection of the Interests of Economic Entities during Martial Law or State of War” the State Statistics Service of Ukraine suspends the publication of statistical information for the period of martial law, as well as for three months from the date of its completion. The exception is the publication of information about the consumer price index, separate information on statistical indicators of 2021 and for the period January-February 2022. The article analyzes open data from the State Statistics Committee, the National Bank and analytical centers.
Maxim Urakin, PhD in Economics, analyzed macroeconomic trends in Ukraine and the world based on official data from the State Statistics Committee of Ukraine, the NBU, the UN, the IMF and the World Bank.
Macroeconomic Indicators of Ukraine
Maxim Urakin cited data from Ella Libanova, director of the Institute of Demography and Social Research, which suggests that about 50% of citizens will return after the war.
“Demography is an important factor for economic recovery, but the threat of depopulation and labor shortage cannot be ignored. In the medium term, the reduction of demographic growth potential in Ukraine is compensated only by migration,” Urakin emphasized.
The expert noted that the main risks for the economy remains the duration of the war and instability of international aid.
“In the third quarter of 2023, Ukraine’s GDP growth slowed to 8.2%. The negative balance of foreign trade increased by 3.2 times, which is a worrying signal. Public debt has slightly decreased compared to August figures, but in 2024 it may exceed the country’s GDP for the first time, which poses significant risks to economic stability,” the economist said.
Prospects for the Global Economy
Maxim Urakin also analyzed the global economy, noting a slowdown in growth in 2024 to 2.2%.
“One of the key reasons for the slowdown in global economic growth is the decline in GDP rates in developed countries. We have seen the lowest GDP upturn in advanced economies since the 1980s, excluding the periods of the global financial crisis and the COVID-19 pandemic. The unprecedented cycle of interest rate hikes by major central banks in recent years has also played a significant role in slowing growth. This increase in rates is caused by the need to control inflation, but at the same time it limits economic activity,” the expert explains.
According to the expert, the current macroeconomic situation in Ukraine and the world requires further analysis. For Ukraine, the main challenges in the coming years will be the need to rebuild Ukraine after the war and the management of public debt.
Eurozone GDP in the fourth quarter of 2023 was unchanged from the previous three months, according to final data from the European Union’s statistics office (Eurostat).
In annual terms, the eurozone economy grew by 0.1%.
The dynamics of both indicators coincided with the previously announced data and expectations of experts surveyed by Trading Economics. For comparison, in the third quarter, the eurozone GDP declined by 0.1% quarter-on-quarter and grew by 0.1% in annual terms.
Consumer spending in October-December rose 0.1% quarter-on-quarter, government spending rose 0.6% and business investment rose 1%. The volume of exports remained unchanged, imports – increased by 0.6%.
The eurozone economy grew by 0.4% for the whole of 2023, according to the final Eurostat data. Thus, the rate of upturn slowed significantly from 3.4% in 2022.
The European Union’s GDP in the fourth quarter was unchanged from the previous three months and grew by 0.2% in annualized terms. At the same time, the volume of the EU economy for 2023 increased by 0.4% after an increase of 3.4% a year earlier (i.e. the dynamics of both indicators coincided with changes in GDP of the euro area).
Earlier, the information and analytical center Experts Club detailed the macroeconomic situation in Ukraine and in the world – as follows
INFLUENCE TALKS FORUM, a forum of top influencers, will be held at Stereo Plaza. To ensure that the conference is of high quality and useful, the project creators decided to postpone the event and take more time for thorough preparation. So, on March 10, everyone will be able to meet with top influencers, hear interesting success stories, and make new acquaintances. The event will be organized by Kristina Golovinova and Karina Tsyganok, who have repeatedly gathered speakers to talk about the digital world.
The organizers of the INFLUENCE TALKS FORUM were the first to popularize Ukrainian bloggers, experts, and the digital sphere in general during the full-scale invasion. They have already organized more than one successful forum that brought together ambitious and motivated professionals.
Influence Talks Forum aims to take the Ukrainian market to a new level. This is the first event of this scale in Ukraine, which will bring together 2000 people to learn from the experience of the top influencers of our country. Today, influencers have more influence and an important mission than ever before, as they motivate the development of the country and popularize the Ukrainian digital sphere by their example.
“We understand that the digital sphere is a large segment that will create jobs for young people, inspire them to stay in Ukraine and try their hand at it. That’s why we are creating a forum so that people can learn from the speakers’ experience and get inspired,” say the organizers of Influence Talks Forum.
The event will also be held to support fundraising for the hospital. The Charitable Foundation for Reconstruction and Development of Ukraine is a regular partner of the event.
The media partners are the Experts Club think tank and the Open4business portal.
