The IMF projection aligns with recent comments by billionaire entrepreneur Elon Musk, who declared that “the balance of power is changing.” He had shared data showing shifts in global economic influence particularly the rise of emerging economies.

India emerged as the second-largest contributor to global growth, accounting for 17 per cent, ahead of the United States, which ranked third at 9.9 per cent. China is expected to remain the world’s largest driver of growth, contributing 26.6 per cent of global expansion.

Combined, China and India are projected to account for 43.6 per cent of global economic growth in 2026, highlighting the continued shift of economic momentum toward Asia.

Other countries listed in the IMF’s top 10 contributors 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 report also noted that Nigeria’s projected 1.5 per cent contribution exceeds that of most European countries combined. This further reinforces the role of large emerging markets in shaping global economic outcomes.

Reacting to the figures, Musk reposted the IMF chart on his official account, describing the trend as evidence of a shifting global balance of power. Particularly noteworthy is India overtaking the United States in projected contributions to global growth.

While analysts caution that growth contributions do not automatically translate into improved living standards, the IMF’s projections signal Nigeria’s continued relevance in the global economy at a time when emerging markets are increasingly driving worldwide expansion.