The 2021 World Economic Forum (WEF) has been shifted from Switzerland to Singapore owing to the Covid-19 pandemic, organizers announced on Monday, December 7.

The high-level summit will be held in person from May 13 through 16 next year, WEF said in a statement.

"The change in location reflects the Forum's priority of safeguarding the health and safety of participants and the host community," reads part of the statement. 

The annual summit brings together the world's political, economic and business leaders to discuss global challenges. 

Organizers said that Singapore was best placed to hold the meeting.

"The Special Annual Meeting 2021 in Singapore will be the first global leadership event to address worldwide recovery from the pandemic," the statement added.

"This in-person meeting will bring together leaders to focus on shaping solutions to the world’s most pressing challenges."

The WEF said it will return to Switzerland in 2022.