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War, Oil and Austerity Fears Shadow Bangkok: Poorer Countries Warn IMF Conditions Could Spark Unrest as Hormuz Stays Shut

With the Strait of Hormuz closed by the U.S.-Israeli war with Iran and G7 nations releasing 100 million barrels from strategic reserves, World Bank chief Ajay Banga warns fuel and fertilizer costs are squeezing developing nations whose interest bills already exceed a tenth of revenue. IMF chief Kristalina Georgieva names energy prices, record debt and AI as the three big risks.

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The Bangkok skyline at sunset
The Bangkok skyline at sunset on Jan. 20, 2010. (File photo)Vyacheslav Argenberg / Wikimedia Commons (CC BY 4.0)

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