Nobel laureate Kremer picked as World Bank's chief economist

The World Bank Group said that Nobel laureate Michael Kremer will serve as its new chief economist starting Oct 1, heading research for the institution, according to a statement Wednesday. Kremer, who holds a Ph.D from Harvard University, was awarded the 2019 Sveriges Riksbank Prize in Economic Sciences jointly with Abhijit Banerjee and Esther Duflo "for their experimental approach to alleviating global poverty," and his current research focuses on topics such as education, healthcare and access to clean water."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. Kremer, a University of Chicago professor and director of its Development Innovation Lab, will succeed Indermit Gill.(This is a Bloomberg story)Get the latest Business News and Live updates. Download the TOI app.