The report examines the persistent and emerging vulnerabilities in the region across middle-income countries, focusing on poverty, inequality, and the role of social protection in addressing these challenges. It highlights how interconnected crises—such as climate change, demographic shifts, and digitalization—are exacerbating social and economic disparities, disproportionately affecting marginalized communities. The report emphasizes the need to strengthen investment into inclusive and comprehensive social protection systems to build resilience and promote equitable growth.