Fitch Solutions and the Asean+3 Macroeconomic Research Office (AMRO) on Friday forecast the Philippine economy to grow by more than 7 percent in 2021 on improved consumption and confidence.

In a report, the macroeconomic research unit of the Fitch Group said it continued to see the country’s gross domestic product (GDP) expanding by 7.6 percent, adding that “household consumption remains key to the growth rebound, with a recovery in gross capital formation dependent on stronger domestic demand.”