•Balance of power is changing, says Elon Musk
CHIGOZIE AMADI
A new report from the International Monetary Fund (IMF) has listed 10 countries, including India and Nigeria, among the top contributors to global economic growth for 2026.
This is consistent with the world’s richest man, Elon Musk, declaring yesterday that “the balance of power is changing.”
While the IMF data placed Nigeria at number six with a projected 1.5 per cent real GDP growth, India was ranked ahead of the United States of America as number two, with 17 per cent growth.
According to the IMF data, Nigeria is projected to contribute 1.5 per cent to global real GDP growth in 2026, thus placing one of Africa’s leading economies ahead of several advanced and emerging economies, including Germany, Brazil, and Indonesia.
Nigeria’s 1.5 per cent share exceeds most European nations combined.
China is expected to remain the largest contributor to global growth, accounting for 26.6 per cent, followed by India with 17.0 per cent.
The United States ranks third at 9.9 per cent.
Together, China and India are projected to account for 43.6 per cent of global economic growth in 2026.
Other countries in the top 10 include: Indonesia at 3.8 per cent, Türkiye at 2.2 per cent, Saudi Arabia at 1.7 per cent, Vietnam at 1.6 per cent, Brazil at 1.5 per cent, and Germany at 0.9 per cent.
The IMF data also highlighted the dominance of the Asia-Pacific region, which is expected to account for nearly 50 per cent of global economic growth, reflecting continued momentum across the region.
Reacting to the latest IMF data, Elon Musk wrote on his official account that “The balance of power is changing,” and shared the IMF data placing India ahead of the United States in contributions to global economic growth for 2026.
India accounts for 17 per cent of projected global expansion; China ranks higher at 26.6 per cent, meaning the two Asian economies now account for 43.6 per cent of global GDP growth between them.
According to analysts, Elon Musk’s comment on the IMF data wasn’t random.
He has been tracking India’s trajectory closely – meeting Prime Minister Narendra Modi twice in recent months, scouting factory locations, and watching his Shanghai playbook potentially repeat in a market of 1.4 billion people.
They maintain that this goes beyond business calculus. Musk highlighted that India and China are emerging as drivers of global economic growth at a time when his companies are navigating slowing sales in traditional Western markets.
Tesla’s China momentum has cooled. Europe’s stuck in regulatory tangles. India’s 6.3 per cent growth rate—revised upward by the IMF—offers an obvious target.
The broader pattern is stark. Germany contributes just 0.9 per cent to global growth in 2026.
The eurozone collectively adds 2 per cent, while advanced economies as a group are projected to expand 1.8 per cent, just as emerging markets are projected to grow 4.2 per cent.
That gap compounds year after year.
The Indian Times reported that manufacturing, not just population and infrastructure spending, jumped sharply in 2025.
Manufacturing output accelerated even as global trade slowed. Consumer demand stayed resilient despite inflation hovering near the target.
The IMF specifically cited domestic strength rather than export dependency as the engine.
Musk’s observation echoes what economists have quietly tracked for years: global growth is increasingly driven outside the West, even as Wall Street and Silicon Valley still set the technological pace.
Whether that balance tips further depends on execution—India’s ability to sustain reforms, manage fiscal pressures, and convert high growth rates into durable industrial capacity.
