Following a series of necessary but wrenching economic transformations, the Black Sea region enjoyed a lengthy period of growth that ceased suddenly with the 2008 global financial crisis. While the worst is over for most, the countries face a number of immediate challenges such as managing the current downturn, effecting reforms to improve competitiveness and return to sustained growth, managing relations with the highly influential European Union, and facing longer term challenges such as poor demographic trends and emerging environmental issues. Regional cooperation remains underdeveloped and represents an area of untapped potential to help achieve economic objectives.