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World Bank chief economist resigns

2018-Jan-26 by  News Admin  

Paul Romer, the World Bank’s chief economist, has resigned after setting off a storm of criticism by questioning the integrity of the institution’s official data.

A note from World Bank President Jim Yong Kim posted on the bank’s intranet to staff and members, obtained by MarketWatch, said Romer was stepping down, effective immediately.

Romer joined the development finance organization in October 2016. He will be returning to his post as a professor at New York University, Kim said.

The Wall Street Journal reported last week that Romer had apologized for a World Bank report titled “Doing Business,” which he believed included a series of methodological changes aimed to lower Chile’s ranking among the world’s economies for business competitiveness. Chile’s standing would have been little changed if the changes had not been made.

Romer’s analysis “set off a storm,” the paper said. The former director of the World Bank report, Chilean economist August Lopez-Claros, denied that the methodological changes somehow targeted Chile.

Sources : dailyNews

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