World Bank President Jim Yong Kim  announced that American economist Paul Romer will succeed Kaushik Basu as Chief Economist and Senior Vice President of the World Bank . Romer’s appointment will be effective from September this year.

Romer is currently a professor at New York University (NYU) and director of NYU’s Marron Institute of Urban Management.

•  As Chief Economist, Romer will support the President and the senior management in leading the institution and inspiring the development profession during this time of transformative change.
• Romer is a widely respected economist and a successful entrepreneur who joins the Bank at a critical time when the field of development is transforming under the forces of rapid technological change, globalization, and demography.
• He founded a start-up Aplia, an education technology company dedicated to increasing student effort and classroom engagement.
• Romer is also known as a proponent of “endogenous growth theory”, which holds that economic growth is primarily the result of investment in human capital, innovation and knowledge.

World Bank : – 

The World Bank is an international financial institution that provides loans to developing countries for capital programs. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).

•  The World Bank was created at the 1944 Bretton Woods Conference, along with three other institutions, including the International Monetary Fund (IMF)
• Headquater: Washington, D.C. , (US)