Europe and Central Asia: A Time of Reckoning
investments, in particular, offer significant potential for new sources of growth and efficiency in the postcrisis world. The increase in extreme weather events also increases the need for disaster management investments. But even countries and sectors that might benefit from climate change are poorly positioned to do so. The possible gains in agriculture from a warmer climate and more precipitation in the northern part of the region will require massive efforts to reduce the glaring productivity gap in most ECA agriculture.
Conclusion This chapter ends on a cautionary but optimistic note. The ECA region is clearly facing some of the most difficult challenges of its new history. As we have seen, the “Great Recession” has brought back to the fore old problems and highlighted new ones. The long-term challenges are clearly formidable. However, the region can proudly point to a record of accomplishment over the past two decades that has allowed its radical transformation and catapulting into a new era. The omens for a successful response to the challenges are good.
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