The officials from the Black Sea Region discussed the economic situation

PanARMENIAN.Net - The opportunities and challenges associated with regional integration and inclusive growth of the Black Sea Region in this period of economic uncertainty were discussed among policymakers, government officials, and international development representatives in Athens, Greece on February 23-24.



Black Sea Region growth has been outstanding, with GDP per capita having increased at rates of more than 6 percent over 1999 - 2006. This drove up living standards and reduced poverty for all groups - the working people, unemployed, pensioners, and children. However, these developments are currently under threat with the global economic and financial crisis. Growth is expected to decline substantially in 2009 and perhaps in 2010, mirroring the recession in the OECD and the Euro Area. Many countries in the region will be affected.



Luca Barbone, Sector Director, World Bank noted that "the impressive gains in poverty reduction in the Black Sea region achieved over the past few years are under threat because of the world-wide crisis. The World Bank will continue to provide enhanced support to the region."



The Black Sea Conference on Regional Integration and Inclusive Growth was hosted by the Hellenic Ministry of Foreign Affairs and organized by the World Bank. The objective of the Conference was to promote better economic integration and provide joint learning opportunities for participants from the Black Sea countries on issue of strategic importance to the region.



Dora Bakoyanni, Minister of Foreign Affairs of Greece stated that "the conference was an opportunity for officials from the Black Sea Region to learn from each other on how to protect the economic advancements achieved over the last decade. Greece is pleased it could help the countries of the region gather to discuss the economic challenges ahead."



The event brought together approximately 150 policymakers and senior government officials, parliamentarians, and civil society representatives from Bulgaria, Armenia, Azerbaijan, Georgia, Moldova, Romania, Russia, Turkey, Ukraine, as well as representatives from development partners, and international and regional experts on economic and social issues.