IMF says that the recent recession has underlined the emergence of Asia as a global economic powerhouse and India and China are leading the way.According to IMF Director, Asia and Pacific Department, Anoop Singh, based on expected trends, within five years Asia's economy will be about 50 per cent larger than it is today in terms of purchasing-power-parity.He said that the Asian economy will account for more than a third of global output, and be comparable in size to the economies of the US and Europe.Singh wrote in the issue of IMF's Finance and Development that by 2030, Asian gross domestic product will exceed that of the Group of Seven major industrial economies G-7.He said China and India are leading the way, but the phenomenon is by no means limited to these two countries. He added Asia's economic importance is unmistakable and palpable.