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 . It called Gross Domestic Product growth prospects for 2009 `` weak ... on account of the pessimistic global economic outlook . '' 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 . Comment: Construction , business services , information , communications avoid contractions .