Singapore says economy to contract 6%-9% in 2009 Singapore's advance economic growth figures turned in a worse-than-expected performance in the first quarter of the year, contracting 19.7% on an annualized, seasonally adjusted basis, and falling 11.5% from the same quarter of 2008, according to government data released Tuesday. The results compared with market expectation for a 7.5% annualized contraction and an 8.6% on-year tumble, according to a survey reported by Dow Jones Newswires. Meanwhile, the Monetary Authority of Singapore said it would lower the trading band for the Singapore dollar, Dow Jones reported. Singapore uses the exchange-rate band as a key monetary tool, with the latest move representing an easing of policy, somewhat akin to lowering interest rates.