When Russia invaded Ukraine, most of the stories on the economic impact of the war focused on energy and wheat. Gas prices, which were already high, have continued to spike, and while harvest time is months off, Ukraine, like Russia, is a major producer of wheat, especially to the Middle East.
Based on a call I had last week with Eric Simonson, Managing Partner with Everest Group, there may also be an impact on engineering projects and ongoing technology services. Everest Group is a boutique Dallas-based research and consulting firm. As of last week, Everest Group and Simonson were predicting that up to 100,000 technology jobs could be disrupted as a result of the Ukraine conflict – Remember that this is an incredibly fluid situation, so that number could’ve risen in the week since our conversation given the number of Ukrainians forced to flee the country.