@cas shows how to use the shell. Personally I like to do it using a {= perl =} replacement string:
parallel echo '{= $_=2**$_ =}' ::: {5..10}
but the difference is tiny and more just a matter of taste.
There are situations, where the Perl version is better: If you for some reason is forced to use sha shell which does not have the $(( expression )) construct (e.g. fish) or need more computational functionality: parallel echo '{= $_=2**($_/2) =}'