Original research

THE INFLUENCE OF INTERNATIONAL FINANCIAL AND ECONOMIC INTEGRATION ON SUSTAINABLE DEVELOPMENT: EXPERIENCE AND PERSPECTIVES OF KYRGYZSTAN IN THE EAEU

Pages 1-8

10.61552/geh.2025.01.001

Arzybek O. Kozhoshev, Kuvanychbek B. Shadybekov

• View Article
• PDF 842 K

Abstract This paper is devoted to the establishment of the influence of international financial and economic integration in the EAEU on the sustainable development of cooperating countries (by the example of the Kyrgyz Republic). For this, statistical data on the Kyrgyz Republic's economic system for 2010-2023 were analysed. This results in the identification of trends in the financial and economic development of the Kyrgyz Republic's economic system from 2010 to 2023, based on which the significant contribution of partnership within the EAEU to the financial and economic development of the Kyrgyz Republic's economic system is determined. An econometric model of dependence of results in the achievement of the SDGs on the results of the financial and economic integration of Kyrgyzstan in the EAEU is developed. The model is used to demonstrate that international financial and economic integration within the EAEU framework has a predominantly positive impact on the sustainable development of the Kyrgyz Republic. The perspective of sustainable development of Kyrgyzstan depending on the intensity of financial and economic integration based on the EAEU until the end of the Decade of Action (2030) is disclosed. The three following alternative scenarios of the intensity of international financial and economic integration based on the EAEU are compiled. It is concluded that for Kyrgyzstan, the most preferable scenario is one of closer international financial and economic integration in the EAEU since this will support the sustainable development of the Kyrgyz national economy. A transition to the system approach is offered; in it, inter-state initiatives in the sphere of financial and economic cooperation and in the sphere of sustainable development will be developed and implemented in the EAEU jointly, which will improve their coordination.

Keywords: International integration, Financial and economic integration, Sustainable development, Kyrgyzstan, EAEU.

Recieved: 06.01.2025 Revised: 20.02.2025 Accepted: 21.04.2025