Cologny, October 7: The World Economic Forum (WEF) on Wednesday announced the new date and location of its annual keynote summit. Known as the Davos Summit - named after its permanent venue of Davos - the event has now been shifted to Lucerne, the town located in central Switzerland. The summit dates were announced as May 18, 19, 20 and 21. COVID-19 Shock to Global Economy 'Not as Bad as First Feared', But Crisis Far From Over: IMF Chief Kristalina Georgieva.

The Davos Summit is annually held in the month of January, in the Swiss Alpine village of Davos. Leaders from across the world attend the summit, flanked by a delegation of top businesspersons from their respective countries. The event witnesses the signing of MoUs between government and private entities valuing up to billions of dollars.

Since the threat of COVID-19 is yet to subside, the WEF has decided to postpone the event till May this year. The venue has also been changed, with the event now scheduled to be held at plush Burgenstock resort overlooking Lake Lucerne.

The Forum has further noted that the event in May would only be held if the coronavirus threat subsides. "The meeting will take place as long as all conditions are in place to guarantee the health and safety of participants and the host community," WEF spokesman Adrian Monck said in a statement.

The event next year would be the 51st edition of WEF's annual summit. On agenda would be the coordinated approach which world leaders need to adopt in order to recover from the pandemic's economic impact.

"The meeting will focus on the solutions required to address the world's most pressing challenges. Global leaders will come together to design a common recovery path, to shape 'The Great Reset' in the post-Covid-19 era and rebuild a more cohesive and sustainable society," the statement added.

(The above story first appeared on LatestLY on Oct 07, 2020 08:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).