Nobel laureate Michael Kremer has been appointed as the new Chief Economist and Senior Vice-President for Development Economics of the World Bank Group.
World Bank Group President, Ajay Banga, announced the appointment in a statement issued by the World Bank Online Media Centre on Wednesday.
Kremer, a renowned development economist, will lead the World Bank Group’s research, data and analysis.
Banga said Kremer was known for using research to find practical solutions to real-world problems.
He said Kremer’s work had helped expand access to vaccines and school health programmes, as well as support smallholder farmers in developing countries.
“I am pleased to welcome him to the World Bank Group,” Banga said.
He said Kremer was joining the World Bank at a time when the world needed new solutions to major development challenges, including creating jobs for more than 1.2 billion young people expected to enter the workforce over the next decade.
“Kremer 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,” Banga said.
Banga said the World Bank had continued to strengthen the link between research and development by using data and evidence to guide policies, investments and partnerships.
Kremer said the World Bank had the capacity to develop and test new solutions to development challenges and also had the reach to expand successful programmes and improve people’s lives.
He said major challenges included creating jobs, attracting private investment for development and ensuring access to healthcare, education and other essential services.
“At the same time, new technologies create huge opportunities to boost growth and human well-being.
“Data, evidence, and research can help firms and governments navigate both the challenges and opportunities,” he said.
Kremer said he looked forward to working with World Bank staff and partners around the world.
The economist holds a PhD in Economics from Harvard University and is currently a University Professor and Director of the Development Innovation Lab at the University of Chicago.
His research covers economic growth, technological change and development economics.
In 2019, Kremer jointly won the Nobel Prize in Economics with Abhijit Banerjee and Esther Duflo for their work on using experimental methods to tackle global poverty.
Their research used randomised controlled trials to test development programmes and identify solutions that could be expanded.
Kremer’s current research focuses on innovation in education, healthcare, water, finance and agriculture in developing countries.
He also worked with Rachel Glennerster to develop the idea of Advance Market Commitments for vaccines. The initiative later helped launch a $1.5 billion programme for a pneumococcal vaccine with Gavi and the World Bank Group.
Vaccines bought through the programme have reached 60 developing countries.
His research on deworming has also influenced government programmes in Africa and South Asia, with about two billion treatments given to children since 2014.
His work on digital agriculture and AI-based weather forecasting for farmers has informed government programmes reaching more than 50 million people in Africa and South Asia.
READ ALSO: TCN To Shut Down Bida Substation For Maintenance, Lists Affected Areas
Kremer also co-founded Precision Development, an initiative that uses digital technology to help smallholder farmers improve their productivity and incomes.
He was also a co-founder of the US Agency for International Development’s Development Innovation Ventures, which has invested in more than 300 innovations reaching at least 200 million people.
Among his honours, Kremer is a MacArthur Fellow, a member of the National Academy of Sciences and a Fellow of the American Academy of Arts and Sciences.
He is also a Presidential Faculty Fellow, co-founder of the Bureau for Research and Economic Analysis of Development and a Research Associate at the National Bureau of Economic Research.
Before joining the University of Chicago, Kremer was the Gates Professor of Developing Societies in the Department of Economics at Harvard University.
His appointment as World Bank Group Chief Economist and Senior Vice-President for Development Economics will take effect on October 1.
