Michael Kremer appointed as World Bank Chief Economist

The World Bank Group has appointed Nobel laureate Michael Kremer as its new Chief Economist and Senior Vice President for Development Economics. Kremer, a professor at the University of Chicago, will succeed Indermit Gill and officially assume his role on October 1, 2026.

Kremer, who received the Nobel Prize in Economic Sciences in 2019 for his experimental work in alleviating global poverty, is the first economist to join the institution while holding a Nobel Prize. His career has focused on using rigorous research to implement scalable solutions in education, health, agriculture, and finance within developing nations.

World Bank President Ajay Banga stated that Kremer’s expertise is vital for addressing urgent global challenges, specifically the need to create jobs for the 1.2 billion young people entering the workforce over the next decade. Kremer noted that new technologies, such as artificial intelligence, present significant opportunities to transform how governments and businesses approach development hurdles.