Nobel Laureate Michael Kremer Named World Bank Chief Economist

Michael Kremer, an American economist and Nobel laureate, has been appointed chief economist of the World Bank, the institution said in a press release. He will take up the post on 1 October.

Background

Kremer, who turns 62 this year, holds a PhD in economics from Harvard University and is currently a professor at the University of Chicago. His research interests include economic growth, technological change and development economics, and he is presently studying innovation in education, healthcare, water supply, finance and agriculture in developing countries. In 2019, jointly with Abhijit Banerjee and Esther Duflo, he received the Nobel prize "for their experimental approach to alleviating global poverty". He is also a member of the United States National Academy of Sciences.

A moment for bold solutions

World Bank president Ajay Banga welcomed the appointment, saying Kremer had joined at a time when the world especially needs bold solutions to the most pressing development challenges, including creating jobs for more than 1.2 billion young people who will enter working age over the coming decade. The chief economist role is one of the most influential positions in global development, shaping the institution's research agenda and its advice to borrowing countries on growth, poverty and policy.

• Michael Kremer appointed World Bank chief economist
• Takes up the role on 1 October
• Nobel prize in 2019 for an experimental approach to alleviating global poverty
• Professor at the University of Chicago with a PhD from Harvard
• The bank cites the need for jobs for over 1.2 billion young people entering working age

Why it matters

The chief economist helps set the analytical direction of one of the largest sources of development finance, influencing how the bank diagnoses growth constraints and designs programmes for low- and middle-income countries. Kremer's experimental, evidence-driven approach is likely to shape that agenda in the years ahead.