Current Challenges in the Development of the Kyrgyz Republic: Modernization of the Economy and the Financial Sector

The relevance of the selected research topic lies in determining the country’s readiness for current challenges in matters of modernization of the economy and finance and digitalization. The research aims to analyze the implementation of the national development programs (NDP) of the Kyrgyz Republic (KR) until 2026 and further improvement of the country’s economic development reflected in the NDS of the KR until 2040. The research tasks are to determine the current development of the economy of the KR in priority areas and suggest ways of modernization. The authors applied methods of statistical analysis of time series and dynamics of basic indicators. Based on certain categories of industries, the authors identified promising directions and ways of development. The application area of the research findings is the sphere of micro- and macroeconomics of economic structures of the state. The research revealed the presence of positive indicators and trends in the development of the economic, investment, and financial sectors. Topical problematic issues that require a comprehensive solution include issues of financing, investment, innovative development, and digitalization of economic sectors. The dynamics of the country’s economy are associated with certain changes in all areas of the world economy, including crisis factors that actively affect the development and stability of the national sectors of the economy.