The table illustrates the proportion of savings as a percentage of GDP in seven countries between 1990 and 2008. Overall, it is evident that China and Singapore maintained the highest saving rates throughout the period, while the United States consistently recorded the lowest figures. Moreover, the gap between high- and low-saving nations widened significantly by 2008.
In 1990, Singapore had the largest share of savings at 43.6%, closely followed by South Korea (37.7%) and China (35.6%). By contrast, the United States registered the lowest percentage, at just 15.3%. Over the subsequent years, China experienced the most dramatic growth, rising steadily to more than half of GDP (53.2%) by 2008, thereby overtaking all other nations. Singapore also showed a considerable increase, peaking at 48.3% in 2008, whereas South Korea’s figure, despite an initial fall in 2000 (33.6%), rebounded slightly to 31.9% by the end of the period.
Among the European countries, Germany’s savings declined from 25.3% in 1990 to 26.0% in 2008 after dipping in 2000. Italy, however, followed a downward trajectory throughout, falling from 20.8% to 18.2%. India’s figures fluctuated modestly but ended higher at 26.0%. The United States, in stark contrast to the Asian economies, exhibited a gradual increase up to 17.7% in 2000, before dropping to its lowest point of 12.1% in 2008.