The World Bank Group has appointed Nobel Prize-winning economist Michael Kremer as its new Chief Economist and Senior Vice President for Development Economics.
Kremer, 61, a professor at the University of Chicago, will assume office on October 1, 2026, succeeding Indermit Gill, who retired last month.
He won the 2019 Nobel Prize in Economic Sciences jointly with Esther Duflo and Abhijit Banerjee for their experimental approach to tackling global poverty.
Kremer is currently Director of the Development Innovation Lab at the University of Chicago, where his research focuses on development challenges in education, health, water, finance and agriculture, particularly in developing countries.
His work has included research and programmes aimed at improving school health, expanding access to vaccines, supporting smallholder farmers and using technology to address development challenges.
World Bank Group President Ajay Banga said Kremer’s experience in identifying and scaling evidence-based solutions would be valuable as the institution confronts pressing development challenges.
“Michael has spent his career not just identifying what works in development, but proving it at scale,” Banga said.
Kremer’s appointment comes as developing countries face higher borrowing and energy costs, declining development assistance and growing pressure to create jobs for expanding young populations.
The economist said the World Bank’s research capacity and operational reach provide an opportunity to develop, test and scale innovative solutions to development problems.
Kremer will become the first person to take up the World Bank chief economist position while already holding a Nobel Prize in Economics. Previous chief economists, including Joseph Stiglitz and Paul Romer, received the Nobel Prize after serving in the position.
