Nobel Prize-Winning Economist Michael Kremer Becomes World Bank Chief Economist
Nobel Prize-winning economist Michael Kremer has been appointed as the new chief economist of the World Bank, succeeding Indermit Gill.
Nobel Prize-winning economist Michael Kremer, known for his experimental approaches to reducing global poverty, has been appointed as the new chief economist of the World Bank.
Appointment Decision and New Role
Nobel Prize-winning economist Michael Kremer has been appointed as the new chief economist of the World Bank, succeeding Indermit Gill. A professor at the University of Chicago and director of the Development Innovation Lab, Kremer is known throughout his career for his work in the field of development.
Academic Background and Award
Holding a Ph.D. from Harvard University, Michael Kremer was awarded the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel alongside Abhijit Banerjee and Esther Duflo for their experimental approaches to alleviating global poverty. Kremer also served as a professor at Harvard University.
Statements from the World Bank President
World Bank President Ajay Banga stated in an email that Michael Kremer has focused throughout his career on identifying what works in development and proving it at scale, noting that this is precisely the mindset they need.
Michael Kremer's Evaluations
Michael Kremer stated that the challenges ahead are immense, emphasizing the need to create jobs on a large scale, mobilize private capital to finance development, and ensure people have access to services such as health and education.
World Bank Objectives and Financing
Eradicating extreme poverty remains one of the bank's most critical objectives. In the 2025 fiscal year, the bank provided over $118 billion in financing through loans, grants, and guarantees.