The World Bank confirmed 60-year-old New York University economics professor Paul Romer will take up the position of the chief economist to replace Kaushik Basu, who is retiring on July 31.
“We’re most excited about his deep commitment to tackling poverty and inequality and finding innovative solutions that we can take to scale,” World Bank President Jim Yong Kim said of Romer in a statement.
According to the World Bank’s estimates, the world economy will grow only by 2.4% in 2016.
Meanwhile, the Russian economy almost reached its bottom. However, lower oil prices will have long-run implications for the GDP growth. Russia’s economy is projected to contract by 1.2% in 2016.
