World Bank Appoints Nobel Laureate Michael Kremer as Chief Economist

World Bank Group President Ajay Banga appointed Nobel laureate Michael Kremer as the organization's Chief Economist and Senior Vice President for Development Economics. Kremer, a professor and Director of the Development Innovation Lab at the University of Chicago, will succeed Indermit Gill on October 1, 2026.

Kremer is the first person to enter the role already possessing a Nobel Prize, which he earned in 2019 for his experimental methods to alleviate global poverty. His professional background includes co-founding Precision Development and utilizing Advance Market Commitments for vaccines to scale solutions in agriculture, health, and education.

The appointment comes as developing nations struggle with rising interest rates, increased energy costs, and a 23% decline in official development assistance recorded in 2025. Kremer's tenure begins just before the annual meetings of the World Bank and International Monetary Fund in Bangkok, Thailand.