World Bank names Nobel laureate Michael Kremer as next chief economist
AgenciesThe World Bank on Wednesday named Nobel laureate and University of Chicago professor Michael Kremer as its next chief economist, succeeding Indermit Gill, who retired last...
The World Bank announced on Wednesday that Nobel laureate Michael Kremer will assume the role of chief economist, succeeding Indermit Gill who retired last month. Kremer, 61, previously held teaching positions at Harvard University and the Development Innovation Lab at the University of Chicago, where he focuses on innovation in education, health, water, finance, and agriculture in developing countries.
He joins the bank at a time when developing nations are facing rising interest rates, higher energy prices due to the US-Iran war, and a 23% decline in official development assistance in 2025, the steepest drop on record with the US responsible for the majority. Kremer, 61, won the Nobel Prize in Economic Sciences in 2019 alongside Esther Duflo and Abhijit Banerjee for their experimental approach to tackling global poverty.
He is set to start his new role on October 1, just before the World Bank and International Monetary Fund annual meetings in Bangkok, Thailand. World Bank President Ajay Banga praised Kremer's ability to identify and prove effective solutions at scale, stating that his expertise is precisely what the bank needs to address the urgent development challenges of the time, such as creating jobs for the one billion young people entering the workforce in the next decade.
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