World Bank said on Wednesday that Nobel laureate Michael Kremer will take the helm as chief economist, effective 1 October.
Kremer, 61, earned the 2019 Nobel Prize in Economic Sciences for experimental studies that lowered poverty, and has spent two decades teaching at Harvard and developing programs that have reached millions of children with de‑worming tablets.
World Bank President Ajay Banga said in a statement, “Michael has spent his career not just identifying what works in development, but proving it at scale – and that is exactly the kind of thinking we need.”
The appointment comes as member states wrestle with a 23% plunge in official development assistance in 2025, higher borrowing costs, and rising energy prices after the U.S. war against Iran – challenges that threaten to stall progress in fragile economies.
In Kenya, a farmer in Mombasa who once struggled to feed his family now reports higher yields after adopting Kremer‑backed precision agriculture tools that use AI to forecast weather and recommend planting dates.
Kremer will begin in Bangkok on 1 October, just before the World Bank and IMF annual meetings, where he is expected to outline a new research agenda aimed at scaling evidence‑based interventions.