Singapore - Private sector economists drastically cut their forecasts for Singapore's 2008 economic growth to 2.2 per cent, from 4.2 per cent in a September survey, Channel News Asia reported Wednesday.

The new projection is also below the government's forecast of about 3 per cent for this year.

Economists consulted in the survey by the Monetary Authority of Singapore also adjusted the fourth-quarter gross domestic product to 0.4 per cent growth, down from earlier forecasts of 4.8 per cent.

The report said economists were expecting a 1 per cent contraction for 2009, compared to the 4.6 per cent expansion predicted in the September survey. (dpa)