The World Economic Forum has postponed its annual meeting in Davos until early summer 2021, CNBC reported.

The meeting will be rescheduled to “early next summer,” said Adrian Monck, managing director of public engagement at the Forum.

“The decision was not taken easily, since the need for global leaders to come together to design a common recovery path and shape the ‘Great Reset’ in the post-COVID-19 era is so urgent,” Monck said in a statement.

“However, the advice from experts is that we cannot do so safely in January.”