Ukraine attended a special Web Summit meeting and said it would rely more on technology to boost the economy after the war. This Ukrainian official said technology was the key to solving economic issues after the invasion.

In the conditions of the Ukraine war that continues to occur, Ukrainian technology and entrepreneurs continue to try to be positive. They said that technology should not be affected by the adverse effects of war.

And because of this condition, employees continued to work amid the attacks sent by Russia. And Sigma Software CEO and Co-Founder Valery Krasovsky told CNBC at the Web Summit tech conference in Lisbon that:

"I don't think there's anything in the world that can kill our ability to win and do work or anything,"

Sigma Software has also become one of the companies that continue to be active amid the war conditions. He added: "Nothing can stop us from delivering business, even in this condition." And this is also in line with the deteriorating economic conditions.

Ukrainian Economy Overall Shrink by 32% By the End of 2022

Ukrainian officials and tech entrepreneurs also think this is the time to be more modern and rely on tech to rebuild the country after the Russian invasion. Because until now, it was recorded that Ukraine's GDP fell by 30%.

Meanwhile, the World Bank predicts that Ukraine's GDP by the end of 2022 will reach 45%. Ukraine's first Lady, Olena Zelenska, also mentioned that it is impossible to underestimate the role of technology in Ukraine, especially in the current conditions.

"In this situation, it is difficult to talk about sustainability, technology, and progress, since we always try to hold on and live our lives as normal as possible," he told CNBC.

He added: "Still, we have many start-ups, and I hope that the ideas they presented at this summit can propel us to victory."

According to the National Bank of Ukraine, Ukraine's IT industry alone brought in about 2 billion USD of revenue in the first quarter of 2022. Some companies are leaning toward hiring in Ukraine and providing further development for the tech industry in Ukraine.

According to CEO Tom Okman, Ukraine is home to thousands of skilled software programmers and engineers, encouraging several unicorns to develop their industries in Ukraine. Moreover, the Ukrainian tech ecosystem is also considered very good and emerging.

Investors say they have a vast interest in Ukraine and plan to raise an additional $60 million for that sector. However, the concern this time is the conditions in which Ukraine has not fully recovered, and they have to face the effects of post-war Ukraine experienced.

It is noted that the Ukrainian economy shrunk by 32 percent this year, and the annual inflation also accelerated to 30 percent. Conditions like this then make the unemployment rate hit 30 percent this year, so it is a crucial condition for this country's technological development.

Central Bank of Ukraine Has Also Released Economic and Inflation Predictions for 2023

Just released a statement regarding Ukraine's inflation data until the end of the year; the Central Bank of Ukraine also released a prediction of inflation in 2023. It is noted that global financial markets and government bond yields will be the main challenges.

The central bank of Ukraine also noted that the supply shock would plunge the world into a recession for several quarters. At the time, the main factor that caused inflation in 2023 was high prices in Ukraine, and they said that inflation could rise to 34.4%.

Ukraine is a country that is now getting special attention in the economic sector. These varied conditions make Ukraine expected to experience a prolonged recession. However, Ukraine relied on technology to rebuild its economy, especially after the Russian invasion.