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Significance

Bahrain’s January 15 execution of three men convicted of killing an Emirati police officer prompted a resurgence of protests in some of the country’s marginalised Shia villages, traditionally centres for opposition activism.

Impacts

Instability will become more likely if Iran’s May presidential election ushers in a more hardline candidate.

Protests will be largely contained outside key business districts, though terror attack risks could rise.

Upward pressure on security spending could undermine fiscal reforms.

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