Singapore 's economy shrinks by 4.2 percent in the fourth quarter of 2008 . Government forecasts economy will contract between 2 and 5 percent this year . Comment: 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 2 and 5 percent this year . Economy grew by percent in 2007 , but only 1.1 percent for the whole of 2008 . Construction , business services , information , communications avoid contractions .