Davos: WEF not on site again until 2022

This year, the four-day meeting of the World Economic Forum (WEF) will now take place in Singapore from August 17 to 20 due to the Corona crisis, the WEF announced. The annual meeting traditionally scheduled for the spring of this year in Davos, with around 3,000 participants, had to be canceled due to the Corona pandemic, and was initially to be held alternatively in early summer on the Bürgenstock. In December, the organization had announced the change of venue to Singapore, and now the date is changing again.

"Current global travel restrictions have made it difficult to plan a face-to-face meeting in the first half of the year," the WEF stressed. In addition, different quarantine and air traffic regulations had extended the required planning time.

The annual meeting thrives on personal encounters among participants, the WEF said in the release. There are currently hardly any new Corona infections in the Southeast Asian city-state, but the shift reflects the international challenges in the fight against the pandemic.

"A global leadership summit requires the participation of all global stakeholders," said WEF founder Klaus Schwab. He said the meeting offers leaders from business, government and civil society the opportunity to "discuss steps for a global recovery."

Normally, the approximately 3,000 participants meet in Davos at the end of January. Due to the Corona pandemic, this year the WEF hosted an online conference lasting several days and postponed the time and place of the meeting.

For Davos, the cancellation of the annual meeting means considerable financial losses. According to a study by the University of St. Gallen related to the event in 2017, the total revenue triggered for Davos was around CHF 60 million, Switzerland generated a total of around CHF 94 million. The tax revenue generated by the annual conference at that time was estimated at around 9.3 to 10.5 million for the municipality of Davos, the canton of Graubünden and the federal government.

"Given the great importance of the annual meeting for us, we very much regret its cancellation for January 2021 in Davos. However, in view of the Corona situation, we have great understanding for the cancellation of the annual meeting in January 2021 in Davos, and it is understandable that the organizer is considering alternatives," the canton said in response to an inquiry from IMMOBILIEN Business. According to information from the WEF, the WEF meeting in 2022 is to be held in Davos again.