That phrase was by an Indian. And he referred it to India. India also has a lot of cyclist. If you're comparing Indian population to Netherlands than comparing people with cycle in India still is a large number.
Now Netherlands economy is not effected because, people there prefer investing more than saving. While in India there's Trillions of USD locked up in banks.
In a basic economy, for a countries economy to grow, you need the money to be circulated. It needs to go around to complete an economic cycle.
Correct me if am wrong. 😊