World Bank names Nobel laureate as chief economist

The World Bank announced on Wednesday that Nobel laureate Michael Kremer will assume the role of chief economist, replacing Indermit Gill who recently retired. Kremer, a 61-year-old professor at the University of Chicago, earned the prestigious prize in 2019 alongside Esther Duflo and Abhijit Banerjee for their experimental methods to address global poverty.

He has a history of teaching at Harvard University and commences his new position on October 1, just before the World Bank and International Monetary Fund's annual meetings in Bangkok, Thailand. The prominent economist is renowned for devising practical strategies to tackle real-world issues, such as assisting small farmers and extending vaccine and school health programs to millions.

"Michael has dedicated his career to identifying effective development strategies and demonstrating their effectiveness on a large scale," stated World Bank President Ajay Banga. "His appointment aligns perfectly with the world's urgent need for bold solutions to development challenges, including the creation of jobs for the 1.2 billion individuals entering the workforce within the next decade."

As the world confronts rising interest rates and energy prices following the U.S.-Iran conflict, alongside the largest decline in official development assistance in history, Kremer assumes the position as the first Nobel laureate economist at the World Bank. Prior to joining the bank, Kremer functions as the director of the Development Innovation Lab at the University of Chicago, where he concentrates his research on innovations in education, healthcare, water, finance, and agriculture in developing countries.

In his statement, Kremer emphasized the World Bank Group's substantial research potential to develop and test innovative approaches to development challenges and scale them up for improved global well-being.