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IMF Report Sh*cks Many: Nigeria Emerges As Key Driver Of Global Economic Growth In 2026
A fresh report from the International Monetary Fund (IMF) has identified 10 countries — including Nigeria and India — as the major forces expected to drive global economic growth in 2026.....KINDLY READ THE FULL STORY HERE▶
This development echoes a recent comment by billionaire entrepreneur Elon Musk, who reacted to the IMF figures by stating that “the balance of power is changing.”
According to the IMF projections, Nigeria ranks sixth among the world’s top growth contributors in 2026, with an estimated 1.5 per cent share of global real Gross Domestic Product (GDP) growth.
This places Africa’s largest economy ahead of several developed and emerging nations such as Germany, Brazil, and Indonesia.
The report further noted that Nigeria’s contribution is larger than the combined input of many European countries.
India was listed as the second-biggest driver of global growth, expected to account for 17 per cent, surpassing the United States, which ranked third with 9.9 per cent.
China is forecast to remain the leading contributor worldwide, responsible for 26.6 per cent of projected global economic expansion.
Combined, China and India are expected to deliver 43.6 per cent of the world’s growth in 2026.
Top 10 Growth Contributors
Other countries included in the IMF’s top 10 list are Indonesia (3.8 per cent), Türkiye (2.2 per cent), Saudi Arabia (1.7 per cent), Vietnam (1.6 per cent), Brazil (1.5 per cent), and Germany (0.9 per cent).
The report also emphasized the increasing strength of the Asia-Pacific region, which is projected to generate nearly half of global economic growth, highlighting the region’s sustained momentum.
Musk Reacts: “Balance of Power Is Changing”
Sharing the IMF data on his official account, Elon Musk remarked that global influence is shifting, particularly as India’s projected growth contribution places it ahead of the United States.
The IMF figures show India contributing 17 per cent and China 26.6 per cent, reinforcing Asia’s growing role in shaping the world economy.
Observers believe Musk’s response reflects more than casual interest, noting that he has closely followed India’s economic rise.
Reports indicate Musk has met twice in recent months with Indian Prime Minister Narendra Modi, explored potential factory sites, and considered applying a Shanghai-style manufacturing approach in India’s massive market of roughly 1.4 billion people.
Beyond business considerations, analysts suggest Musk’s remarks signal a wider transformation in global growth patterns, especially as his companies face slowing demand in traditional Western markets.
Tesla’s growth in China has reportedly slowed, while Europe continues to present regulatory obstacles.
India’s updated IMF growth forecast of 6.3 per cent is therefore seen as an increasingly attractive alternative.
Emerging Markets Surpassing Advanced Economies
The IMF report also highlighted that Germany’s expected contribution to global growth in 2026 is only 0.9 per cent.
The eurozone overall is projected to contribute about 2 per cent, while advanced economies collectively are forecast to grow by 1.8 per cent, compared to 4.2 per cent for emerging markets.
Analysts cited by The Tribune suggest this gap may widen in the coming years.
Meanwhile, The Indian Times reported that India’s manufacturing sector experienced strong expansion in 2025 despite a slowdown in global trade.
Manufacturing output surged, and consumer demand remained steady even with inflation close to target levels.
The IMF credited India’s growth mainly to robust domestic demand rather than heavy reliance on exports.
Musk’s observation aligns with the view of many economists that global growth is increasingly being powered by emerging economies outside the West, even though technological dominance still remains concentrated in hubs like Wall Street and Silicon Valley.
Experts note that whether this shift deepens will depend on India’s ability to maintain reforms, manage fiscal challenges, and convert rapid growth into long-term industrial strength.
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