5 Countries with the Highest Savings Rate in the World

3. Zambia

Gross Savings (% of GDP): 51%

With Zambia’s central bank raising its benchmark lending rate to 12.5% with a persistently high inflation rate of 13.2% in January, savings and interest rates face a challenging situation. Savers would likely seek higher returns to offset the eroding purchasing power caused by inflation, thus favoring investment avenues offering competitive interest rates. However, the increased policy rate could potentially translate into increased interest earnings for savers who opt for fixed-income instruments such as savings accounts, bonds, or certificates of deposit. For instance, a savings account offering an annual interest rate of 12.5% would provide a hedge against inflation while accruing additional returns for depositors.