As most countries across Europe witness a resurgence in COVID-19 cases, many are now instituting new restrictive measures. If we are still forecasting a rebound of the global GDP growth in 2021, risks remain, however, skewed to the downside. Foreign investment experienced a bigger shock than domestic investment, particularly from Americas, Middle East, Asia Pacific while European investment showed more resilience. This benefited domestic investment that showed more resilience. After a summer favourable for consumption’s recovery, the retail industry is now depending on the outcome of the second wave. Another slowdown is already happening and tougher measures may accelerate the decline of traffic in retail outlets.