This paper examines national saving behaviour in the process of economic growth through a comparative analysis of countries in developing Asia. Developing Asia provides an ideal laboratory for the study with considerable differences in saving behaviour among countries and over time, notwithstanding the ‘model saver’ image of the region that is based mainly on the experience of high-performing East Asian economies. The empirical analysis distinguishes between private and government saving rates, with specific emphasis on the former. The results are consistent with the view of a ‘virtuous circle’ between growth and saving, with growth initiating the saving transition. No evidence is found to suggest that a phase of promoting saving through specific policy initiatives is needed to initiate the process of growth and structural transformation. The private saving rate is also positively associated with the export orientation of the economy and net foreign capital inflows and negatively with the young dependency ratio of the population and domestic credit availability.