India, July 14 -- A new report warns that US and Israeli military action against Iran could unleash a wave of inflation, debt distress and financing pressures across the Global South.

Energy importers and remittance-dependent economies in Asia, Africa and Latin America face heightened risks from surging fuel and food prices, disrupted trade routes, tighter dollar liquidity and worsening conditions for millions of migrant workers in Gulf states.

The United States and Israeli military action against Iran could push countries across Asia, Africa and Latin America into a fresh cycle of inflation, debt distress and external financing pressures, with energy importers and remittance dependent economies facing the biggest risks, according to a ...