Michael Kremer has been appointed as the Chief Economist of the World Bank Group. This announcement was made by the World Bank Group President, Ajay Banga, on Wednesday. Kremer previously received the Economic Nobel Prize in 2019, sharing it with two other scientists for an innovative approach to combating global poverty.
Banga stated, “He comes to us at a time when the world needs courageous solutions to its most urgent development challenges.” He added that Michael has not only dedicated his career to finding what works in development cooperation but also proving it on a massive scale-a mentality the organization requires.
Kremer noted that the World Bank Group possesses immense research capabilities to develop and test innovative solutions for development problems. He acknowledged the vast scale of the challenges ahead, which include creating large-scale jobs, mobilizing the private capital necessary for development financing, and ensuring that people have access to health care, education, and other vital services required for a successful life.
