World Bank Chief Economist Indermit Gill to Retire in August

• Indermit Gill, the Chief Economist and Senior Vice President of the World Bank, will retire at the end of August 2026, according to an internal memo issued by World Bank President Ajay Banga.
• Gill has had a long association with the World Bank Group, joining the institution in 1993. Before becoming Chief Economist in September 2022, he served as Vice President for Equitable Growth, Finance and Institutions.
• An Indian-born economist and naturalised US citizen, Gill also taught at several prestigious institutions, including:

1. University of Chicago
2. State University of New York
3. Duke University

• He also headed Duke University’s international development centre before returning to the World Bank leadership team.

Role in Reforming Global Business Rankings

• Gill also supervised the development of the World Bank’s new “Business Ready” assessment framework.
• The initiative replaced the earlier “Doing Business” rankings, which were discontinued in 2022 following allegations of data irregularities and favoritism involving some countries, including China.
• The new framework aims to strengthen transparency, reliability and analytical quality in assessing business environments across nearly 180 countries.

Global Economic Challenges

• Gill’s retirement comes at a time of growing global economic uncertainty.
• International financial institutions such as the World Bank and the International Monetary Fund (IMF) have recently warned about:

1. Rising inflationary pressures
2. Slowing global growth
3. Energy market disruptions
4. Geopolitical instability linked to the Middle East conflict

• Meanwhile, the IMF’s Chief Economist Pierre-Olivier Gourinchas is also scheduled to leave his post later this year, marking significant leadership changes at two major global financial institutions.

About World Bank 

• The World Bank Group is the world’s largest development bank, headquartered in Washington, D.C.
• Members: It currently has 189 member countries.
• Function: It provides loans, grants, and technical assistance to developing nations.
• Founded: 1944 under the Bretton Woods Agreement
• Headquarters: 1818 H Street NW, Washington, D.C., USA
• President (2026): Ajay Banga