Charles Kupchan suggests so:
I believe that the world is entering a period of tectonic change in the global distribution of power. The coming redistribution of global economic output speaks for itself. For the United States to deny this inevitable reallocation of wealth and power (as Kagan recommends) would be to engage in dangerous self-delusion. To be sure, the United States will remain a power of the top rank for a long time to come. Even so, managing a world in which the West no longer enjoys material primacy will require acknowledging the task at hand—as well as ample foresight and judicious diplomacy. Now, while the United States still enjoys primacy, is the time to begin shaping that next world.
Tom Nichols challenges the idea that the growth of developing economies "speaks for itself:"
I never understand the chant about China’s growth, because China should have the world’s largest economy, because it has the world’s largest population, and the fact that it has gone for decades without reaching that mark is indicative of just how screwed up the Chinese economy has been in the 20th and 21st centuries.
And a word about growth: it’s a relative measure. China and India need high growth, because without it, the lights start to go out and the water stops running. When your infrastructure is, in places, at Third World levels, you’d damn well better be able to crank up production, because you still have plenty of economic distance to make up. … Now, if the Chinese start to out-produce us in ways that matter, like innovation, intellectual achievement (and I don’t mean scoring high on math, I mean inventing another Apple instead of building them), or surpassing us in standard of living, then sure, we should rethink what we’re doing. But nobody is arguing that anything like that is going to happen.
The Dish 