World Bank Group supports Vietnam s trade connectivity and coastal livelihoods

The World Bank has appointed Nobel Prize-winning economist Michael Kremer as its new chief economist, effective October 1. Kremer, 61, will succeed Indermit Gill, who recently retired from the institution. The appointment comes just ahead of the World Bank and International Monetary Fund's annual meetings in Bangkok, Thailand.

Kremer is currently a professor at the University of Chicago and shared the 2019 Nobel Prize in Economic Sciences with Esther Duflo and Abhijit Banerjee for their experimental approach to addressing global poverty. In a statement, World Bank President Ajay Banga emphasized the need for bold solutions to pressing development challenges, particularly in creating employment opportunities for the estimated 1.2 billion young people entering the workforce in the next decade.

Kremer's arrival at the World Bank arrives during a challenging period for developing economies, as they contend with rising interest rates, higher energy prices following the US war against Iran, and a significant decline in official development assistance, which fell by 23% in 2025 - the steepest decrease on record, with the US being the primary contributor to the reduction.

As the first economist to hold the chief economist position at the World Bank with a Nobel Prize already to their name, Kremer will be responsible for overseeing the institution's research capacity and operational reach to develop, test, and scale innovative solutions to development problems. He will also focus on leveraging emerging technologies to drive economic growth.

Much of Kremer's career has been dedicated to testing the practicality of development interventions and finding ways to deploy successful programs at scale. His research on deworming schoolchildren in Africa and South Asia led to a significant reduction in absenteeism and resulted in the distribution of over 2 billion treatments since 2014. Kremer and his wife, Rachel Glennerster, also pioneered Advance Market Commitments, which have contributed to the development of vaccines for lower-income countries.

In addition, Kremer has explored the application of artificial intelligence in agricultural weather forecasting and co-founded organizations such as Development Innovation Ventures and Precision Development, which utilize digital technology to enhance productivity and incomes for smallholder farmers. His work has also addressed issues related to financial debt and exploitation in developing countries.