Thursday, December 11, 2008

Household saving rates going up for many countries

Based on the OECD latest forecast, I can see that out of the 20 countries listed, only 2 countries will have a slightly lower household saving rates compared with 2008. The rest are mostly significantly higher.

United States is estimated to have a household savings rate of 1.6% for 2008, and forecasted to raise to 2.8% in 2009. Some of the biggest jumps I see in the 2009 estimates is Norway, where it jumps from 2.0% to 5.2%, and Australia, where it jumps from 1.4% to 3.5%.

Note that 10% savings rate is actually what's recommended for the bare minimum.

This is the current household savings rate for 2008 for the top 5 and bottom 5 countries from OECD:
France 12.7
Switzerland 12.6
Austria 11.8
Germany 11.6
Ireland 10.6
Norway 2.0
United States 1.6
Australia 1.4
Denmark -1.9
Finland -2.7

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