If cloth or clothing shrinks, it becomes smaller in size, usually as a result of being washed.

If something shrinks or something else shrinks it, it becomes smaller.

If you shrink away from someone or something, you move away from them because you are frightened, shocked, or disgusted by them.

If you do not shrink from a task or duty, you do it even though it is unpleasant or dangerous.

A shrink is a psychiatrist.