Mark Perry has a graph on Carpe Diem that shows that the US has produced about 25% of the world GDP from 1969 until the present. Europe's share has fallen, while the share due to Asia has rise, and both are also closing in to 25%.
Europe will become increasingly less important in the world, while Asia will grow in importance, at least for much of the next century. Why? Demography.
4 hours ago