The Banking Executive Magazine - May 2024 Issue

Building Economic Stability THE NEED FOR A NEWAPPROACH The 30th anniversary of the United Nations’ International Year of the Family (IYF) marks a pivotal moment to revisit and rethink social-protec- tion strategies. Over the past three decades, demographic shifts, techno- logical advancements, migration, ur- banization, and climate change have dramatically altered societies world- wide. Responding effectively to these changes requires a departure from traditional social protection frame- works that treat families as static de- mographic categories. Instead, policies should strengthen the agency of families, enabling them to act as cohesive units capable of with- standing and recovering from eco- nomic and social disruptions. CURRENT SOCIAL PROTECTION FRAMEWORKS Since the adoption of the Interna- tional Labour Organization Conven- tion 102 in 1952, which sets mini- mum standards for family benefits, many countries have implemented various social-protection measures. These include periodic cash trans- fers, in-kind assistance, and other family-sensitive support like medical care, school tuition, and food rations for female-headed households. In the European Union, family and children benefits accounted for 8.3% of total ISSUE 185 MAY 2024 the BANKING EXECUTIVE 33 • Empower Families to Thrive: As family structures evolve, governments must shift social protection policies to strengthen family bonds and promote economic resilience. • Intergenerational Solidarity Matters: Robust family connections serve as natural buffers against economic shocks, fostering stability and cohesion amid global challenges. • A New Role for Banks: Arab banks can drive growth by supporting family-centric initiatives, enhancing economic stability and social cohesion in the region. In today’s rapidly evolving world, the concept of family is undergoing significant transformations. Social-protection programs, historically designed to reduce family poverty, must adapt to these changes. Governments should focus on empowering families to act as natural buffers against economic and social shocks by promoting policies that foster intergenerational integration and solidarity. This shift is crucial for building economic resilience and social cohesion, especially in the face of unprecedented global challenges.