The World Economic Forum (WEF) is set to hold its annual meeting for heads of state and executives next week in the alpine resort town of Davos, Switzerland, as the global economy teeters on the verge of recession.

This year’s forum will be the first at its usual time in mid-January since the outset of the COVID-19 pandemic. It was canceled in 2021 and postponed to May last year, resulting in reduced attendance. It’s scheduled to begin Monday and will run through Friday.

World Economic Forum President Borge Brende noted the economic headwinds hanging over this year’s event.

“There is no doubt that our 53rd annual meeting in Davos will happen against the most complex geopolitical and economic backdrop in decades,” Brende said. 

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Attendance is expected to be back to its typical level when the forum begins next week. Brende pointed to “record participation” by at least 52 heads of state, more than half of them from Europe, and nearly 300 government ministers. Several recently elected leaders will attend the event for the first time in their current roles, including President Ferdinand Marcos Jr. of the Philippines, President Gustavo Petro of Colombia and President Yoon Suk Yeol of South…