World Bank appoints Nobel laureate Michael Kremer as chief economist

The World Bank confirmed that Michael Kremer, a University of Chicago professor and 2019 Nobel laureate in Economic Sciences, will assume the role of chief economist on October 1, taking over from Indermit Gill who stepped down last month. Kremer, known for pioneering experimental methods to combat global poverty, has previously taught at Harvard and led the Development Innovation Lab. His research has driven large-scale programs in vaccination, school health, de-worming, and digital agriculture that have reached millions.

The appointment arrives amid a tough environment for low-income countries, with rising borrowing costs, higher energy prices and a record 23% decline in official development assistance in 2025. Ajay Banga said Kremer’s focus on proving solutions at scale matches the Bank’s need for innovative policies as more than 1.2 billion youths enter the labor market in the next decade.