Kinda depends on what you mean by "third world" but unfortunately it doesn't appear that the global south is really going to be the main benefactors of the decline of the western hegemony.
Capital seems to be mainly being moved east to China and India, with places like Africa and South America not making a lot of meaningful progress. Worse, a lot of these nations utilize the USD as a foreign currency reserve to stabilize their own local currencies, and aren't likely going to be able to diversify fast enough to not take a big hit if the dollar further weakens.
China had seemed poised to do a lot of economic deals with countries in Africa, but the vast majority of the money they had been loaning out for infrastructure seems to have dried up since their housing market and local banking instability happened. Now it's mostly Chinese corporations in Africa which seems to be a much more extractive relationship than the government to government dealings.