Singapore 's economy shrinks by 4.2 percent in the fourth quarter of 2008 . Malaysia ' economy will contract between 3 and 5 percent this year . Economy grew by percent in 2007 , but only by percent for the whole of 2008 . Compared to a robust growth of 7.8 percent a year earlier , the economy grew by 1.1 percent for the whole of 2008 , the ministry added . Construction , business services , information , tourism avoid contractions .
Singapore 's economy shrinks by 4.2 percent in the fourth quarter of 2008 . Malaysia ' economy will contract between 3 and 5 percent this year . Economy grew by percent in 2007 , but only by percent for the whole of 2008 . Construction , business services , information , tourism avoid contractions .