2021 World Economic Forum to be held in Singapore instead of Davos

The World Economic Forum announced Monday that it will convene its annual meeting this summer in Singapore instead of the iconic Swiss ski town of Davos "in light of the current situation with regards to COVID-19 cases."

Why it matters: Singapore has earned praise for its success in combatting the coronavirus, reporting 58,260 cases since the start of the pandemic and only 213 over the last month, according to data from Johns Hopkins University.

• Europe, meanwhile, has been home to some of the worst-hit countries in the world. The continent has only recently begun to turn its terrifying surge around after weeks of countries tightening up restrictions.
• "The change in location reflects the Forum’s priority of safeguarding the health and safety of participants and the host community," the news release states.

What they're saying: The forum "will be the first global leadership event to address worldwide recovery from the pandemic," the WEF said.

• “The Special Annual Meeting 2021 will be a place for leaders from business, government and civil society to meet in person for the first time since the start of the global pandemic," said World Economic Forum founder and executive chair Klaus Schwab.
• "Public-private cooperation is needed more than ever to rebuild trust and address the fault lines that emerged in 2020.”

Go deeper: The coronavirus outbreak will forever change the world economy