What role does savings play in the process of economic growth

The role played by banks in the economic growth is that savings promote the generation of loans, and generate funds to new businesses.

Explanation:

Banks use the funds on the savings accounts to generate credits to other clients that might be persons or companies.

Suppose that you have $1000 dollars saved in your bank account. Then, your bank only needs to keep a deposit of the 10% from the $1000. This means to save $100 and use the rest $900 to generate credits to other customers.

The $900 remaining will be loan to individuals or companies to finance new  projects such as: Buying a car, house, invest in machinery or re design a branch from a cloth store.  

These projects boost economic growth as they move the economy with consumption, and investment.

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