Xinhua world economic news summary at 0900 GMT, Aug. 24

GENEVA – “Climate change is here, we must act now,” said the chief economist of the Swiss reinsurance company, warning of a sharp global economic loss.

The world economy, especially poorer countries, will pay the “highest price” if no global action is taken, said Jerome Hegeli, also managing editor of a report published recently, in an interview with Xinhua on Monday. (Climate change-economy)

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WASHINGTON – The International Monetary Fund (IMF) announced on Monday that its new allocation of special drawing rights (SDRs), equivalent to $ 650 billion, the largest in IMF history, comes into force in an effort to help countries recover from the COVID-19 pandemic.

“Distribution is a significant shot in the hand of the world and, if used wisely, a unique opportunity to combat this unprecedented crisis,” IMF Managing Director Kristalina Georgieva said in a statement. (IMF-SDR)

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The decision to allow the dumping of purified radioactive water has provoked strong reactions from local fishermen and neighboring countries, although the Japanese government has said it will not cause safety problems. (Japan-release of radioactive water)

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LONDON – British private companies witnessed a sharp slowdown in production growth in August amid worsening staff shortages and supply, according to a joint report published here on Monday.

The headline seasonally adjusted Flash composite production index was 55.3 in August, from 59.2 in July, the slowest expansion of production as the private sector returned to growth in March, the report said. IHS Markit, a London-based information provider, and the Chartered Institute of Procurement & Supply, a UK-based global supply and delivery organization. (UK Economic Recovery)