Global economies Shrunk by huge margins

Many Countries are reporting that their economies have shrunk considerably, during the past 4 months. 

Singapore's economy has shrunk by 14.6%. 

Mexico's economy has shrunk by 8.2%

Eurozone countries economy has shrunk by 2.5%

Japan's economy has shrunk by 4%

Spains's economy has shrunk by 2.9%

While US has tightened the credit card loans today, consumer spending is all set to go down from what is today. Also, there is going to be another round of big layoffs in US due to GM and Chrysler Bankruptcies. This should be triggering another round of contraction in the global economy.  

Tough times for Globalization ahead.