With America on the brink of collapse, China will most likely rise to become the world's largest economy (unless, the EU gets there first). We'll see what happens. 
According to some reports in 2024: EU GDP growth is even lower than India's and only reaches 1%, while the US reaches 2.1%, and China, despite many difficulties and challenges, still exceeds expectations by nearly 5%. That shows that the old continent is facing many problems in the region, from economic instability to geopolitical instability. So they can hardly compete with China's explosive growth, let alone compete with the US.
In addition, they are limited and too dependent on the US from military to economic. So as long as they are dependent, they will not be able to get ahead of the US. Only China and the United States are worthy opponents, let's wait and see who will be the final winner.