The World Bank Group said on Wednesday that Nobel laureate Michael Kremer will become its new chief economist on October 1 and lead the bank's research work. According to Sina Finance, Kremer holds a PhD from Harvard University and won the 2019 Nobel Prize in Economics with Abhijit Banerjee and Esther Duflo for their experimental approach to alleviating global poverty. His current research focuses include education, health care, and access to clean drinking water. World Bank President Ajay Banga said in an email statement that Kremer's career has focused on identifying which development initiatives truly work and proving they can be scaled successfully.