Analysis of the financial capacity of Central Asian countries in the context of the rupture of trade chains caused by the COVID-19 epidemic

Abstract

Introduction. The global epidemic of COVID-19, as well as armed aggression against Ukraine in 2022, significantly affected global trade and gave impetus to research on commodity supply chains. The strengthening of national protectionism tendencies requires experts to pay more attention to the financial situation of the countries - trade partners. For Ukraine, in particular, relations with the states of Central Asia - the former Soviet republics - remain important. Problem Statement. Study of the financial systems of the countries of Central Asia in the context of the influence of global and regional factors, taking into account the changes that occurred after the start of the coronavirus pandemic. The purpose of the article is a scientific and practical assessment of the current situation of the financial sector of the countries of Central Asia, taking into account the peculiarities of the internal and external environment. Methods. Comparative (comparative-historical) analysis, qualitative and quantitative, taking into account the geographical, political, socio-economic specifics of each country under consideration. Results. Since gaining independence in 1991, Central Asian countries have been affected by a variety of events and currently exhibit significant disparities in terms of GDP and per capita income. The situation in each of them is determined both by internal factors inherent in their political and socio-economic systems, and by the action of global, including geopolitical and historical, factors. The ability of local banking institutions to meet their external obligations is inversely proportional to the external debt of their countries. Conclusions. Currently, after the start of open armed aggression against Ukraine, based on the available statistical sources, it is impossible to predict the further development of the financial sector of the Central Asian countries, in particular due to the threat of direct annexation attempts by the Russian Federation. At the same time, due to the importance of trade and economic relations with these states, there is a need for its further research and monitoring, including using the resources of national academic research institutions.