'Asian economy to be 50% larger'

'Asian economy to be 50% larger'
TNN, Jun 17, 2010, 12.59am IST


WASHINGTON: With India and China leading the way, the recent recession has underlined the emergence of Asia as a global economic powerhouse, says an IMF official.

"Based on expected trends, within five years, Asia's economy (including Australia and New Zealand) will be about 50% larger than it is today (in purchasing-power-parity terms), account for more than a third of global output, and be comparable in size to the economies of the US and Europe," IMF director, Asia and Pacific Department, Anoop Singh said.

"By 2030, Asian GDP will exceed that of the Group of Seven major industrial economies (G-7)," Singh wrote in the issue of IMF's finance and development.

"Several economies in the region are generating growth outcomes that are helping pull the world economy out of recession. China and India are leading the way, but the phenomenon is by no means limited to these two countries. "Asia's economic importance is unmistakable and palpable," he said. “The recent crisis has underlined the emergence of Asia as a global economic powerhouse,” he added.

As such it is only natural, then, for Asia's voice to become increasingly influential in economic and financial discourse.