The World Economic Forum cancels 2021 annual meeting. -Illustrative image (Photo: aa.com.tr)

The WEF said in a statement that it impossible to realise a global meeting with representatives from businesses and governments because of uncertain travel outlook, differing speeds of vaccination roll out and the uncertainty around new variants.

The event, which attracts VIPs from the worlds of politics and business, has been held since 1971. Last year, nearly 3,000 participants from 130 countries attended the WEF in Davos, Switzerland, which discussed global, regional and industrial agenda.

The WEF's next annual meeting is scheduled to take place in the first half of 2022, with its location and date will be determined later this year.

Founder and Executive Chairman of the WEF Klaus Schwab said the decision to cancel the meeting had been difficult but ultimately the health and safety of everyone concerned is the highest priority.