There’s no silver bullet to achieve elevated savings rates
“Every ‘rich’ nation was ‘poor’ at some stage,” explains “Likewise, none of the ‘economic miracles’ also known as ‘saving stars’ such as South Korea, Chile and Singapore were born with saving spoons in their mouths.” Their household savings rates are above 15 to 20 percent even in the face of low-income rates. “How did they achieve elevated rates of saving and investment off low-income levels? What would do the trick for South Africa to transform from bad spenders to effective savers and wise investors? (more…)
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