One year spot rate = 3

yes,there is economic interpretation in the spot rates given in the figure.

as spot rates and forward rates always have some interpretition

i will you an example:-

it's the month of August and a wholesaler needs to make delivery of bananas, she will pay the spot price to the seller and have bananas delivered within 2 days. However, if the wholesaler needs the bananas to be available at its stores in late December, but believes the commodity will be more expensive during this winter period due to a higher demand and lower overall supply, she cannot make a spot purchase for this commodity since the risk of spoilage is high. Since the commodity wouldn't be needed until December, a forward contract is a better fit for the banana investment