Nobel Winner Michael Kremer to Lead World Bank Economics Team
What Happened
The World Bank has appointed Michael Kremer, the 2019 Nobel Prize-winning economist and University of Chicago professor, as its next Chief Economist. He will take charge on October 1, succeeding Indermit Gill, who retired last month. Kremer shared the Nobel Prize with Abhijit Banerjee and Esther Duflo for their experimental approach to reducing global poverty.
Key Takeaways
Kremer's appointment comes as developing economies face challenges including higher borrowing costs, elevated energy prices and reduced development aid. Ajay Banga, President of the World Bank, said Kremer's track record in identifying and scaling effective development solutions makes him well suited to help tackle global development challenges, including job creation for a growing young population.