The current administration is focusing on economic reform.
A problem arose that the existing system cannot handle.
現 attaches to a noun to show it is the present one (現会長 the current chairman), whereas 前 attaches to show it was the immediately preceding one (前会長 the previous chairman).
元 as a prefix marks a former role (元社長 former president), while 現 marks the current one (現社長 current president).
the present; now; current · as of · present tense · this world; this life · actually exist; exist now; be present before one
expression; representation; description · representation of a group
reality; actuality; hard fact
actual spot; scene (of an incident) · on site; in the field; job site · filming location; movie set
present age; present day; today · modern era; modern times
From Middle Chinese 現 (henH), meaning 'to appear, manifest, present'. Used as a prefix in Japanese to denote the current or existing state of something.
reappearance; return; revival · reproduction; reenactment; recreation
appearance; emergence; advent; coming into existence
cash; ready money; currency · mercenary; self-interested; calculating
active duty; active service; currently working · current student taking entrance exams; first-time exam passer
current; present; in operation
at the present time; at this point in time
revelation; manifestation; appearance · expression (biology)
current position; incumbent; present post
actual goods; physical item · spot (trading); physical delivery · in kind; non-cash
existing; extant; surviving
actually; really; in fact
this world; this life; the present world · Holocene epoch; current geological epoch
present location; current location; you are here
embodiment; personification; incarnation
development (of film); photographic processing
embodiment; incarnation; realization; giving concrete form
present condition; current state
manifestation; embodiment; appearance
manifestation of a Buddha as a Shinto kami
current address; present address
actual article; the item itself · goods in stock; stock on hand