Living in USA I would say that competition is much more fierce here than in many other countries. I don't think the rest of the world would quickly catch up. US created China as an economic giant, but China is reliant on US for selling their goods, without US as a customer China will be in a huge crisis, therefore they will never go as far as directly challenge USA.
Europe is behind technologically and natural resources wise and too fractured to challenge US. Also, compared to USA Europeans have lots of vacation, time off, social benefits that impact productivity. Europe is just too old and weak to challenge USA economically.
Japan is too small and constantly in deflationary crisis, Russia is a mess under Putin stuck in his dumb war with everyone who is able tried to flee it. Brain drain from Russia is huge, Russian economy is mostly export of raw materials: oil, gas, etc...
Who is left to challenge US dominance? One thing I agree on with you, it will never happen, at least not in our lifetime LOL :)