Home / Business and Economy / World Bank Taps Poverty Expert Kremer as Chief Economist
World Bank Taps Poverty Expert Kremer as Chief Economist
16 Sep
Summary
- Michael Kremer, Nobel laureate, appointed World Bank chief economist.
- He is known for experimental approach to alleviating global poverty.
- Kremer starts October 1, before World Bank and IMF annual meetings.
The World Bank announced on September 16, 2026, that Nobel laureate Michael Kremer will assume the role of chief economist, succeeding Indermit Gill. Kremer, a distinguished professor from the University of Chicago, received the Nobel Prize in Economic Sciences in 2019 for his innovative methods in fighting global poverty.
His tenure begins on October 1, 2026, shortly before the International Monetary Fund and World Bank's annual meetings in Bangkok, Thailand. Kremer is recognized for his rigorous research that yields practical solutions for development challenges.
World Bank President Ajay Banga highlighted Kremer's proven ability to identify and scale effective development strategies. This appointment occurs during a critical period for developing countries, which are contending with increased interest rates and energy costs.
Kremer's academic background includes extensive research on innovation in education, health, water, finance, and agriculture in developing nations. He has also pioneered initiatives like Advance Market Commitments, which spurred the development of crucial vaccines for low-income countries.
His past work includes research on de-worming programs that significantly reduced school absenteeism and co-founding initiatives like Precision Development, which uses digital technology to boost farmer productivity. Kremer also proposed a framework to prevent dictators from accumulating illicit debt.
