The Economic Development Complex in the Black Sea Area : The Impact of the Global Financial and Economic Crisis

Currently, the Black Sea Region1 is not as integrated economically as to allow one to outline some common development trends of all regional economies. The most of the region's nations (Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Moldova, Romania, Russia, Serbia, and Ukraine), except Greece and Turkey, are post-Communist countries. The purpose of this paper is to highlight the economic development difficulties of the post-Communist Black Sea Region and to examine the key economic problems of all the countries encompassing it in the context of the ongoing financial crisis