gegenwärtig
current
Current or taking place in the present time; what exists now. Used as an adjective.
Die gegenwärtige politische Lage in Europa ist sehr angespannt.
The current political situation in Europe is very tense.

current / present
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current
Current or taking place in the present time; what exists now. Used as an adjective.
Die gegenwärtige politische Lage in Europa ist sehr angespannt.
The current political situation in Europe is very tense.

'Gegenwärtig' (current/present) is the adjective related to the noun 'die Gegenwart' (the present), which means 'the present time' or 'presence'. This connection helps you understand the main meanings.
Wir müssen uns auf die Probleme der Gegenwart konzentrieren.
We need to focus on the problems of the present.
'Gegenwärtig' (current/currently) can be used as an adjective before a noun or as an adverb. As an adjective, it is declined ('die gegenwärtige Situation' — the current situation). As an adverb, it remains unchanged and often stands at the beginning of the sentence, which triggers inversion ('Gegenwärtig haben wir...' — Currently we have...).
Die gegenwärtige Technik ermöglicht viele neue Dinge.
Current technology makes many new things possible.
As an adjective, 'gegenwärtig' (current) is often used in formal, official, or academic texts. It sounds more elevated than the word 'aktuell' (current/up-to-date).
Der Artikel analysiert die gegenwärtige Forschungslage.
The article analyzes the current state of research.
In the meaning 'geistig anwesend' (mentally present), 'gegenwärtig' (present) is almost always used with the verb 'sein' (to be), often in a negated form. It describes a person's state of attention.
Er hörte zwar zu, aber seine Gedanken waren nicht ganz gegenwärtig.
He was listening, but his thoughts were not completely present.
now
'jetzt' and 'gegenwärtig' can both express that something applies at the current time. 'jetzt' is the normal, direct everyday word and can refer to the exact moment. 'gegenwärtig' sounds somewhat more formal or factual. As an adjective, it can describe a current problem or a current situation, or as an adverb it can be used similarly to 'zurzeit' (currently / at the moment). In conversation, people often say 'jetzt'; in reports, news, or official texts, 'gegenwärtig' fits well.

Gegenwärtig prüft die Behörde mehrere Anträge wegen des Wetters.
The authority is currently reviewing several applications because of the weather.
Nach der Nachricht wissen wir jetzt, warum der Bus später kommt.
After the message, we now know why the bus is coming later.