New Delhi, April 26 -- Asia's Gen Z is facing a summer of discontent. Already grappling with bleak job prospects and lacklustre growth, it is now being stung by the shock from the Iran war, which is driving up prices of everything from fuel to food.

The immediate impact is economic, but there is a growing risk of political instability. This crisis is hitting a generation already frustrated with inequality and endemic corruption, and increasingly willing to push back. Governments will have to stretch their budgets further to prevent young people from falling behind-or confront a renewed wave of unrest.

Last year's Gen Z-led demonstrations against graft and elite privilege are a warning that anger can spill onto the streets with devastati...