World Bank Chief Economist 2022: Who is Indermit Gill? Second Indian to be appointed as WB Chief Economist - Today Quizzes

World Bank Chief Economist 2022: Who is Indermit Gill? Second Indian to be appointed as WB Chief Economist

World Bank Chief Economist 2022: Indermit Gill has been appointed as the Chief Economist of World Bank, becoming the second Indian to take up the post after Kaushik Basu. The World Bank said in a statement on July 21 that Indermit Gill’s term will begin on September 1, 2022. 

Gill has been appointed as chief economist and senior vice-president for development economics at the multilateral development bank. He will be succeeding Cuban-American economist Carmen M. Reinhart. 

World Bank President David Malpass said, “Indermit Gill brings to this role a combination of leadership, invaluable expertise and practical experience working with country governments on macroeconomic imbalances, growth, poverty, institutions, conflict, and climate change.”

Indermit Gill posted on Twitter saying, “Carmen M Reinhart left big shoes to fill. I’m honored by the opportunity to follow in her footsteps. I start September 1 as @WorldBank Chief Economist and Senior Vice President for Development Economics.”

The only other Indian to serve as World Bank Chief Economist was Kaushik Basu, who served between 2012 and 2016. Notably, two other Indian economists, Raghuram Rajan and Gita Gopinath have served as chief economists of the International Monetary Fund (IMF).

Who is Indermit Gill?

  • Indermit Gill is an Indian National, who is currently Vice President for Equitable Growth, Finance, and Institutions, where he led work on macroeconomics, trade, debt, poverty and governance. 
  • He was a professor of public policy at Duke University between 2016 and 2021.
  • He was also a professor at the University of Chicago and the Georgetown University.
  • He holds a Ph.D in economics from University of Chicago. 
  • He was also a non-resident senior fellow in the Global Economy and Development program at the Brookings Institution.
  • He had spearheaded the 2009 World Development Report on Economic Geography. 
  • His work includes introducing the ‘middle income trap’ concept to describe how developing countries stagnate after reaching a certain level of income. 
  • He also published on policy issues faced by developing countries and about green growth, sovereign debt, poverty and inequality, managing natural resource wealth and labor markets.

What is the World Bank?

The World Bank is an international financial institution that provides grants and loans to the low and middle-income countries for pursuing capital projects. 

World Bank Chief Economist Role 

The Chief Economist of the World Bank is a senior economist, who is tasked with providing intellectual leadership and direction to the International Financial Institution’s overall economic research agenda and international development strategy.

The World Bank Chief Economist is a member of the Bank’s senior management team, who advises the World Bank President and the institution’s management on economic issues.

READ ALSO: World Bank Releases ‘Changing Wealth of Nations 2021’

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