The Banking Executive Magazine - March 2023 Issue

From Globalization to AI • Collaboration with governments, businesses, and civil society: Financial institutions and banks can collaborate with governments, businesses, and civil society to en- sure that the benefits of technolog- ical change and globalization are distributed fairly. THE STATUS OF SOCIAL DISRUPTIONS IN THE MIDDLE EAST AND HOW TO AVOID IT: The Middle East is not immune to so- cial disruptions, with the region fac- ing many of the same challenges as other parts of the world. Some of the ways that the Middle East can avoid social disruptions include: • Diversification of the economy: Many Middle Eastern countries rely heavily on oil exports, which can leave them vulnerable to eco- nomic instability. Diversifying the economy through investments in non-oil sectors can help reduce this vulnerability. • Investment in education and training: Investing in education and training can help ensure that workers in the Middle East have the skills needed to adapt to technological change and globalization. • Promotion of entrepreneurship and innovation: Promoting entrepreneurship and innovation can create new job op- portunities and drive economic growth in the Middle East. • Support for small and medium-sized enterprises: Providing support for small and medium-sized enterprises can help ensure that these businesses are not left behind by technological change and globalization. CONCLUSION: Structural disruptions, whether aris- ing from globalization or technolog- ical innovation, can have significant negative impacts on societies, economies, and the world as a whole. Governments, financial insti- tutions, and banks can play an essen- tial role in mitigating the impact of social disruptions through policies and strategies that ensure that the benefits of technological change and globalization are distributed fairly. By investing in education and training, supporting small and medium-sized enterprises, promoting entrepreneur- ship and innovation, and collaborat- ing between governments, businesses, and civil society, we can create a future that is more equitable, prosperous, and stable. ISSUE 171 MARCH 2023 the BANKING EXECUTIVE 27