Ask HN: Does 'cheap' offshore (non-NA) talent exist?

Since the pandemic forced so many software developers to work remotely, it seems remote work has become much more accepted (though some companies are still fighting against it). For example, before the pandemic, my company wouldn't have thought of hiring contractors from agencies based in countries that would prohibit devs from coming into the office. But now we embrace it as part of our culture.

However, with so many embracing remote work, I think there are more global opportunities than ever before, and so available local talent is harder to come by, which means salaries are increasing at an arguably unsustainable pace. This is great for developers, but makes it harder for businesses to afford, thereby pushing some businesses to explore offshore/nearshore hiring.

Unfortunately, the challenge doesn't end there. For example, the cost of living for many Eastern European countries is many times less than in North America, yet the cost of hiring developers in these countries can be the same or more than what you might pay for local talent. I've recently reviewed a number of candidates from agencies based in Bulgaria, Poland, and Ukraine - all of which are looking for ~10k USD/month for mid-level developers (3-5 years experience). These rates kill the viability of outsourcing, leaving us right where we started.

Have you found talent in non-North American regions for an amount of any significant savings? Thanks for reading, I'm really curious to know your perspective/experience!