Switzerland's World Economic Forum cancelled in January, rescheduled for mid-2021

ZURICH (REUTERS, BLOOMBERG) - The 2021 World Economic Forum (WEF) meeting of business leaders and politicians has been called off for January due to the coronavirus pandemic, with organisers planning to reschedule the event sometime early next summer.

"The advice from experts is that we cannot (host the event) safely in January," WEF said on Wednesday in a statement.

The confab in the Swiss Alps that has hosted rival heads of state including US President Donald Trump and Chinese President Xi Jinping in recent years has been held in the Swiss ski resort of Davos since 1971.

WEF, which takes over the ski resort of Davos for about a week each year, has branded itself as the world's top venue for the business and political elite to meet and discuss the challenges of globalisation.

The group said the decision to delay this year's edition "was not taken easily, since the need for global leaders to come together to design a common recovery path and shape the 'Great Reset' in the post-COVID-19 era is so urgent."

This year's installment drew 3,000 participants from 90 countries, plus legions of support staff and hundreds of journalists. Nearby hotels host glamorous receptions to complement the debates held in the town's conference center.

In lieu of the meeting, it would host virtual 'high-level' discussions the week of Jan 25, WEF said, adding it would share dates and location of the rescheduled meeting once it was assured of health and safety conditions.

Founder Klaus Schwab told Bloomberg Television earlier this month that while planning for the event was underway, it wasn't clear what form it would take or when it would happen.

The postponement will be an economic blow to the hospitality industry. The event generated an estimated 94 million francs (S$142 million) in revenue for Switzerland in 2017, according to a University of St Gallen study. It garnered 2 million francs in tax revenue for the town.