Is the "party" over for the developed economies?

Can world GDP grow enough to accommodate deserved growth in the rest of the world while maintaining even current GDP levels in the G7? One could be tempted to predict that the "party" is over for the developed economies and now it's others' turn to prosper! Eg what effect will a 50% rise in GDP/capita of 2.5 bn ppl (China & India) in the near future have on the GDP/capita in US and EU?