Declines in global demand for electronics products , pharmaceuticals and chemicals were also likely to weigh on the manufacturing sector . Singapore 's economy shrinks by 4.2 percent in the fourth quarter of 2008 . Government forecasts economy will contract between between 2 and 5 percent and 4.2 percent 2008 . Economy grew by percent in the fourth quarter of 2008 , but only 1.1 percent for the whole of this year . Construction , business services , information , communications avoid contractions .
Singapore 's economy shrinks by 4.2 percent in the fourth quarter of 2008 . Government forecasts economy will contract between between 2 and 5 percent and 4.2 percent 2008 . Economy grew by percent in the fourth quarter of 2008 , but only 1.1 percent for the whole of this year . Construction , business services , information , communications avoid contractions .