Canada

We as in the working class in Canada. That's who always pays the bill when there's an economic crash.

I generally agree with what you're saying regarding the US and China. However, I'd note that the actual split is between G7 and BRICS, and BRICS have already surpassed G7 in terms of PPP measure. BRICS represents the Global South, and it happens to be where majority of human population is, where the resources are, and where most of the industry is. Majority of Global South economies economies are aligned with China now.

What Carney appears to be focusing on are former vassal states that were under the tutelage of the US. Now that the hegemon is fading, the vassals are in trouble. What Carney seems to be trying to do is to rally Europe and Australia to form a bloc without the US, but one that's not directly aligned with the Global South.

And of course GDP alone is not useful measure of anything. The quality of development matters. Western economies are focused on stuff like software industry and service economy. They're not producing things people actually need to live. China is where all the manufacturing happens. They're the ones who build solar panels, EVs, and high speed rail that developing world needs. That's what makes China such a key economy for the world.

I also expect that the US is headed for collapse, and it's likely going to be far worse than what happened to USSR. That said, it's not at all clear that countries that hold US debt will be able to claw anything back once that happens. For one, the US is still full of nukes, so whatever states emerge out of it eventually will be nuclear powers.

The problem for Canada is more immediate though. Our economy is heavily dependent on the US right now. And unless we diversify and become more self sufficient, then we will be dragged down along with the US. Unless Canada takes steps to insulate itself then it will become one of these failed states itself when the western order finally collapses.