Asia is leading the world economy out of the crisis, a top official at the International Monetary Fund (IMF) said Sunday.

"Asia looks set to emerge from the global downturn both faster and stronger than any other region," Anoop Singh, director of the IMF's Asia and Pacific Department, told a press briefing in Istanbul.

"Despite a very difficult first quarter across the region, an economic turnaround now appears underway in many countries," he said.

The latest World Economic Outlook projected that Asia will grow 2.8 percent this year and 5.8 percent in 2010.

According to Singh, Asia's economic turnaround has been enhanced by quick and forceful action taken by policymakers, including robust government spending, monetary accommodation and measures to restore and stabilize the financial markets.

"The discretionary fiscal stimulus in Asia was substantial, larger than the G20 average, and was quickly deployed," Singh said, referring to the Group of 20 industrialized countries and emerging markets.

Asia was severely hit by the global crisis from the sharp downturn in the United States and Europe. Exports fell throughout the region and industrial production dropped sharply.

Singh at the same time warned against a premature withdrawal of stimulus which might threaten Asia's recovery.

"Many countries in Asia have had a long history of fiscal discipline and this affords them significant scope to continue providing fiscal support to the economy," Singh said, adding "the region's central banks also have the room to maintain accommodative monetary conditions until there are clear signs of a sustained growth in private demand."

Singh suggested that policymakers in the region should focus on bolstering private demand, noting that "the impetus for Asia will need to come from within and policymakers will have to carefully manage the transition from public-led to private-sector-led domestic demand growth."

(Xinhua News Agency October 5, 2009)