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India, Philippines to lead Asian growth as workforces rise

Bloomberg Published on Fri, May 05, 2017 / 2:51 PM GMT+8

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(May 5): For a vivid illustration of why demographics matter so much for economic growth, take a look at the diverging trends in Asia.

India and the Philippines are likely to post Asia’s fastest economic growth rates in coming years as their working-age population keeps expanding through 2020, in contrast with shrinking workforces across North Asia, Nomura Holdings Inc. estimates show.

Philippines, with 31% of its population currently under the age of 15, is projected to see a 1.9% expansion of its 15-to-65 year-old population this year, with Malaysia’s due to rise 1.6% and India 1.5%, Nomura economists said in a report. Malaysia’s population growth, however, is expected to slow faster than India’s.