I stepped off the plane at Changi International Airport to bright sunshine and economic growth of 3.3 per cent, on a quarterly basis, initial estimates of 1.8 per cent growth having been knocked into a cocked hat.

Singapore's biomedical manufacturing and transport engineering sectors had succeeded in offsetting a fall in output in the electronics sector and Singapore seemed in pretty good shape to me, albeit wary of the threat to economic recovery in the US, on account of the fiscal cliff.

However, after a few days of gin slings and tiffins, I experienced a sense of unease that was definitely prompted by a whiff of cheap credit in the air.

Alarm bells began to ring when I was confronted with a tree decorated with large red and silver "Visa" baubles; found vouchers inviting applications for personal loans in taxis and sailed passed a Courts furnishing store prepared to advance $20,000 interest free to those thinking of giving their apartments a makeover.

In fact, offers of cheap credit were everywhere and not only in Singapore. When I ventured off to Indonesia, I still felt as if I had travelled back in time to the days when Bear Stearns and Northern Rock were names to be reckoned with and anyone suggesting that Lehman Brothers would go bust could expect to be certified.

There is no doubt that the economies in East Asia and Pacific have remained resilient in the global downturn - according to the latest economic update from the World Bank, the region achieved growth of 7.5 per cent in 2012, with an increase of 7.9 per cent expected in 2013.

But the Bank's analysis also highlights growing concerns that renewed monetary expansion in the G-3 nations (the US, Japan and the Eurozone) could trigger a flood of capital into the region.

The result? Asset bubbles and excessive credit growth, with the risk of sudden outflows in the future.

According to World Bank chief economist for East Asia and Pacific, Bert Hofman, the bulk of the capital flowing into the region currently consists of foreign direct investments and while this creates jobs and growth in production capacity, it can also result in excessive credit growth.

At the same time, the region continues to face weak demand for exports from global markets and has yet to experience the consequences of the $85 billion in spending cuts forced upon the US by Republicans who, earlier this month, ignored President Obama's call to "do the right thing".

Singapore is still forecasting 2013 GDP growth of between 1 per cent and 3 per cent, although in February its Ministry of Trade and Industry acknowledged that the global economic outlook is still "clouded with uncertainties" with particular concerns remaining over the extent of the fiscal cutback with the budget sequester in the US, as well as a potential flare-up of the debt crisis in the Eurozone.

One thing is for sure, with cuts in US defence spending now high on the agenda, countries across South East Asia will be seeing a downturn in exports of semi-conductors and defence instrumentation for the US military.

Meanwhile, Australia is obviously wary of its economic future, having cut interest rates by 0.25 per cent in December; Japan has just appointed Haruhiko Kuroda, who is known to be a proponent of aggressive monetary policy, as the next governor of its central bank; China is showing worse than predicted inflation figures, added to which, fear of the unhinged in North Korea can't be helping matters.

What I am saying is that South East Asia is more nervous than it has been for many years.

Turning to the UK, two things bother me about this in particular - the economic threats outlined so far could impact UK banks with exposures in the region resulting in ever more tightened credit lines, and with some secondary lines of credit withdrawn altogether by lenders who secure funding from investment houses and banks in South East Asia.

Secondly, the possibility of discounting and dumping of goods across the Eurozone, as manufacturers in the region go on an export drive.

On the positive side, the "uncertainties" mentioned by Singapore's Ministry of Trade could result in a restoration of market equilibrium and the balance of economic power being redressed.

However, having recently bought a new computer that has seen a price drop from £1,200 to £900 in the space of a few months I am wondering if the dumping process is already underway.

Looking ahead, I can only recommend that we all watch this space!