The World Economic Forum has cancelled its 2021 annual meeting scheduled for Singapore in three months' time, the Swiss-based organization said on Monday.

"Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realize a global meeting with business, government and civil society leaders from all over the world at the scale which was planned," it said in a statement.

The next annual meeting will instead take place in the first half of 2022. Its location and date will be determined based on an assessment of the situation later this summer, it added in a statement.