The last time the economy shrank was in 2001, with bleak prospects for new job-seekers. But the good times came back by 2004.

This time, though, many are predicting that the bad times will really hit hard. But belt-tightening may be a hard act for some, especially those aged 30 and below.

Read Nur Dianah Suhaimi's full story in tomorrow's edition of The Sunday Times.