World Bank Group announced on Wednesday that Nobel laureate Michael Kremer will take office as chief economist on Oct. 1, 2024, replacing Indermit Gill.
Kremer earned his Ph.D. from Harvard and was jointly awarded the 2019 Sveriges Riksbank Prize in Economic Sciences with Abhijit Banerjee and Esther Duflo for pioneering experimental methods that reduce global poverty. His current work at the University of Chicago’s Development Innovation Lab focuses on scaling solutions in education, health and clean‑water access.
"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," World Bank President Ajay Banga said in a statement. He added that Kremer’s evidence‑driven mindset will guide the Bank’s research agenda.
The move comes as the Bank seeks to deepen its role in designing interventions that have passed randomized‑controlled trials, a strategy that has already lifted thousands of children out of poverty in countries such as Kenya and Bangladesh. Kremer’s appointment is expected to dovetail with the Bank’s upcoming flagship research conference in Washington on Oct. 4.
The first order of business for Kremer will involve convening a task force to review ongoing pilot projects, with the aim of scaling successful models across the 190 member countries. The Bank’s staff, along with partner NGOs, anticipate that his leadership will accelerate the translation of research into policy.
Observers note that Kremer’s proven track record in turning laboratory findings into measurable real‑world impact could reshape the Bank’s strategy, potentially reshuffling staff and redirecting funding streams toward high‑impact experiments. The Bank will unveil a detailed implementation roadmap in the week following his induction.