WEF defers January Davos meeting over Omicron

LONDON • The World Economic Forum (WEF) has postponed its annual meeting in Davos next month, thwarted for a second year by the fresh waves of coronavirus across Switzerland and the globe.

Having intended to hold the meeting from Jan 17 to 21, the WEF said in a statement that "continued uncertainty" over the Omicron variant had forced a rethink and it now planned to host the meeting in early summer.

"Current pandemic conditions make it extremely difficult to deliver a global in-person meeting," it said. "Despite the meeting's stringent health protocols, the transmissibility of Omicron and its impact on travel and mobility have made deferral necessary."

Just last week, WEF officials were expressing confidence that they could host the conference, given that Switzerland was open to international travel and that regular testing would be provided. But the emergence of the rapidly spreading Omicron variant meant those plans were put under threat.

Switzerland yesterday tightened restrictions to curb infections and protect the healthcare system. It reintroduced a work-from-home requirement and excluded the unvaccinated from large parts of public life. With a population of 8.5 million, Switzerland has reported about 160,000 coronavirus cases this month.

The government has called in the armed forces to assist hospitals with patient care, transport and vaccinations.

The situation means that for a second January in a row, the pandemic has defeated the WEF's ability to host the gathering of executives, bankers, academics and policy makers it has convened in the Swiss Alps for five decades.

In normal times, around 3,000 people would attend the combination of debates and cocktail parties, with many more joining on the sidelines.

BLOOMBERG