The World Bank on Wednesday appointed Nobel laureate and University of Chicago professor Michael Kremer as its next chief economist, succeeding Indermit Gill following his retirement last month.
Kremer, who jointly won the 2019 Nobel Prize in Economic Sciences for his experimental approach to global poverty alleviation, will officially assume the position on 01 October ahead of the upcoming joint annual meetings of the World Bank and International Monetary Fund in Bangkok, Thailand.
He becomes the first scholar to assume the chief economist role at the bank after already receiving a Nobel Prize, distinguishing him from past leaders such as Joseph Stiglitz and Paul Romer who received the honor after their tenures.
Kremer’s appointment comes at a critical juncture as developing nations navigate rising interest rates, volatile energy markets, and a historic 23 percent drop in official development assistance recorded in 2025.
World Bank President Ajay Banga welcomed the appointment, emphasizing that Kremer’s extensive research background in proving scalable development solutions will be vital as the global economy seeks to generate sustainable employment for over 1.2 billion young people entering the workforce over the next decade.
Throughout his career, Kremer has pioneered evidence-based economic interventions that have shaped global policy across agriculture, public health, and education.
His seminal research on school-based deworming led to over two billion treatments administered across Africa and South Asia, while his work on Advance Market Commitments successfully incentivized pharmaceutical research for pneumococcal vaccines in low-income nations.
Kremer currently leads the Development Innovation Lab at the University of Chicago and has co-founded initiatives including Precision Development, which leverages digital platforms to enhance agricultural productivity for smallholder farmers across emerging markets.
