As a media consumer, you should be suspicious of the fact that the TikToker making these claims never provided sources anywhere. There is no proof that these "European reports" exist. I tried searching for them online, and could not find any European report like the one in question.
As for whether the US is a third-world country or not:
https://www.history.com/news/why-are-countries-classified-as-first-second-or-third-world
This article discusses the origins of the term "Third World." Essentially, the third world "encompassed all the other countries that were not actively aligned with either side in the Cold War. These were often impoverished former European colonies." Post Cold War, the term is still used but now mainly refers to developing countries. You should note that the term is not rigidly defined, so there is no universally accepted set of metrics to determine whether a country is of the third world.
That being said, the following opinion article discusses why the US might be considered a developing country. You can read it for some ideas on why people might consider the US a third world country.
https://theconversation.com/us-is-becoming-a-developing-country-on-global-rankings-that-measure-democracy-inequality-190486
However, also consider this report by the United Nations Development Programme, which gives the US a 0.921 Human Development Index rating for 2021. Anything above 0.800 is what they consider, "Very high." The describe this index as follows: "The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone." Evidently there is disagreement on whether the US is becoming a developing country. In the end, none of these metrics are widely agreed upon as the de facto method for determining if a country is third-world, so it would not be objectively factual to claim the US is third-world using any of these metrics.
Because the TikToker in the linked TikTok video has failed to list a source and the "European report" he mentioned doesn't seem to exist, I am going to rate this as misinformation. I will not say it is false, because as mentioned above, there is no real method for classifying a country as part of the third world.
RATING: Misinformation
You should probably avoid this TikToker in the future or be sure to fact-check any claims he makes without sources. He makes another claim that "fentanyl is actually the number one killer of people aged 18 to 45" which is dubious. This fact-check article investigated this claim, which was sourced to a analysis conducted by the nonprofit Families Against Fentanyl. "The group analyzed publicly available CDC data." Later in the fact-check, CDC spokesperson Lancashire is quoted, "'It doesn't appear that fentanyl alone is the leading cause of death among 18-45 year olds and definitely is NOT the leading cause of death among all adults.'"
https://apnews.com/article/fact-check-leading-cause-deaths-fentanyl-154394187670
The TikToker also says that "you have a higher chance of dying from a drug overdose than anything else," which is just straight up misleading wording because you have next to no chance of dying from an overdose if you don't do drugs. He intentionally spins data into words in a way that makes it more alarming to viewers, a practice which he might be doing to exploit the viral nature of social media to get more viewers.