"This is indeed a new – though alas not unsurprising – low point for the WTO."

That was quite the harsh statement from Rohinton Medhora, president of the Centre for International Governance Innovation, commenting on the dire situation facing the now leaderless World Trade Organization (WTO) as director-general Roberto Azevedo bids farewell to the struggling organization with no replacement in place.

There's something to be said there along the lines of a sinking ship without a captain. 

What is clear, though, is that Azevedo's replacement, whoever that may be, will begin the difficult job with what will probably be an in-tray from hell.

In other bad news, Italy's economy continues to be hit hard by the COVID-19 pandemic, as the country's gross domestic product (GDP) shrank by much more than previously thought in the second quarter, posting a record contraction. 

The steep decline is thought to be mainly as a result of reduced consumer spending during the lockdown, which Italy imposed early on to deal with one of the highest rates of coronavirus cases in Europe.

It's not just Italy that has experienced a drop in consumer spending. Countries across the world that imposed COVID-19 lockdowns have witnessed a drop in spending, which has harmed several industries. 

But one industry that was hit the hardest was retail, as shops shuttered and high streets were emptied. Scroll down to watch our video from The Agenda with Stephen Cole program, as we question whether this is the end of the high street as we know it.

You can also read the interview with trend forecasting expert Joe McDonnell, who explains how consumer habits have changed during lockdown. McDonnell says we could be seeing a greater shift towards e-commerce and the figures seem to be showing this already. Check out our graphic at the end of the page for more on this.

Enjoy reading,

Arij Limam

Digital correspondent 

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The World Trade Organization (WTO) is functionally leaderless as director-general Roberto Azevedo steps down on Monday, leaving the already-damaged global watchdog facing the biggest crisis in its 25-year history.

Italy's economy shrank by more than previously thought, posting a revised record contraction of 12.8 percent during the second quarter compared with the first, official figures from the national statistics bureau ISTAT have shown. The steep drop in GDP is largely a result of reduced consumer spending due to the coronavirus lockdown.

Lebanon's prime minister-designate Mustapha Adib has vowed to swiftly launch a reformist government and seek international financial assistance after the Beirut blast deepened a political and economic crisis. The blast caused up to $8.1 billion in damage and economic loss, and Lebanon needs up to $760 million in urgent financial aid to bounce back from the disaster, the World Bank said Monday.

The UK government's "Eat out to Help Out" initiative, which offered half-price food in restaurants, comes to an end on Monday, but British finance minister Rishi Sunak urged diners to keep eating out to help boost the hard-hit hospitality sector. More than 64 million meals had been eaten under the scheme up to 27 August, according to OpenTable.

Global investment banking company Credit Suisse has applied for a license to set up an investment bank hub in Madrid after Britain has left the European Union, a spokesman said on Monday. The Swiss lender sought a license from the Bank of Spain and the European Central Bank in July to upgrade its brokerage in the country to a bank. It expects to be fully operational by mid-2021.

Turkey's economy contracted by 9.9 percent in the second quarter of the year, from the previous three-month period in the wake of COVID-19 lockdown measures, official figures from the Turkish Statistical Institute have shown. While less precipitous than expected, the drop in GDP was still historic compared with the first quarter at a seasonally and calendar-adjusted 11 percent.

Beijing-backed Asian Infrastructure Investment Bank (AIIB) has said it would lend Turkey $83.37 million to help the country deal with the COVID-19 pandemic. The project will be co-financed by the European Bank for Reconstruction and Development, and aims to increase public hospital infrastructure capacity, according to a statement by the AIIB.

Swiss multinational food company Nestle has agreed on a deal worth $2.6 billion to gain full ownership of California-based peanut allergy treatment maker Aimmune Therapeutics, in which it already has a 25 percent stake, as the conglomerate expands its fast-growing health science business.

British pharmaceutical company GlaxoSmithKline and its U.S.-based partner Vir Biotechnology have started testing their experimental antibody on early-stage COVID-19 patients, entering the race to find a winner in a promising class of antiviral drugs to combat the pandemic.

American multinational conglomerate Berkshire Hathaway has bought a 5 percent stake in each of Japan's five biggest trading houses, worth $6.63 billion together, marking a departure from the company's dependence on the contracting U.S. economy, as billionaire chairman Warren Buffett looks to diversify beyond the U.S.

The Spanish economy has been growing at a rate of more than 10 percent so far in the third quarter, following a record drop in the preceding quarter due to the impact of the coronavirus pandemic, Economy Minister Nadia Calvino said on Monday. She also said the labor market had already begun to recover.

British free-to-air commercial broadcaster ITV is set to be expelled from the FTSE 100 blue-chip index after its shares fell by 60 percent this year, hit by a COVID-19 induced advertising slump. Index manager FTSE Russell said it would make a final announcement on Wednesday, but there is little doubt the broadcaster will be demoted to the mid-cap FTSE 250 index.

WATCH: The scale of the pandemic has affected all industries – perhaps none more so than retail. As shops close their doors for good and shopping giants go under, we look at whether this is the death of the high street as we know it. 

That was the effect on the retail industry, but what about the effects on the customer? Has the shopping experience changed forever? CGTN Europe's The Agenda with Stephen Cole program spoke with Joe McDonnell, head of insight for trend forecasting company WGSN, about how consumers' habits have changed during lockdown.

How has the pandemic changed our relationship with shopping?

The main change has been the pivot towards e-commerce. So we've seen consumers who wouldn't usually be interested in shopping online, shop online mainly just due to necessity.

We've also seen different categories that don't lend themselves particularly well to online shopping adopt new, interesting, innovative formats. So one of the main ones is AR, or augmented reality, so this idea that you can use your camera to try on a lipstick to see how it'll look on your face and then you can order that lipstick.

And what about the international impact on markets? How do footfall numbers compare in the major European cities?

This one's a little bit more difficult to call, but when people are returning to shops and to shopping centers, they're not lingering because there's still this anxiety in actually being enclosed in a physical retail space.

Brands and companies are responding well to this because they're actually stripping back their stock and opening up stores more and looking at doing outdoor pop-ups.

What about spending? A lot of people have been furloughed, are they going to be spending more or are they going to be more careful with their money?

Consumer sentiment is very, very uncertain about the future. And while in China, we saw something we're calling 'revenge spending,' which is when you come out of lockdown and you've been cooped up in your house and you want to go and spend money to make up for the lost time and lost spending. We're yet to see that in significant numbers in the West. 

Are all these changes just for now, or do you see them all lasting?

Anything that has made our lives easier, so e-commerce is the prime example here with flexible returns and the ability to have stuff delivered the next day, that's going to stick around because it's made consumers' lives so much smoother.

But for consumers, we're going to continue to be hygiene-focussed. So they're thinking about what will keep them safe. But also stability-focused – what can they introduce into their lives that is going to make it easier and just help return to normality. Those are the key priorities.