While the likes of China, Japan and Hong Kong have all seen a contraction in their workforces since 2015, Southeast Asia will see its working-age population expand through 2020, Nomura Holdings Inc. estimates show. The Philippines, for example, is projected to see a 1.9 percent expansion of its 15-to-65 year-old population this year, with Malaysia’s due to rise 1.6 percent, Nomura economists said in a report.

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