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There is a profound connection between economics and politics. A stronger economy creates a basis for more ambitious political actions and programmes. At the opposite end, an economic downturn and recession breed social tensions and can undermine the political order. Both the EU and Central Asian states have been seriously affected by the global economic crisis, in different ways. This EUCAM working paper focuses on the impact of the crisis on Central Asian politics and geopolitics and the implications of these developments for the EU engagement in the region.