One thing that had happened, especially in SE Asia, is the wage has been driven down outside of FAANG. Many non-tech people view development as plumbing, which it kind of is, but at least plumbers are certified which guarantees a minimum level of competency. Buyers don't view development work in terms of value delivered but only in terms of price. This destroys the middle market for good but not industry leading devs.
This is not limited to SE Asia. Outsourcing, rather over-simplified and limited definitions of cost, buyer's market for companies (and no, the bigger players don't care for real talent at large) drive this in other environments too.
I am from Germany and in this market for 20 years as a freelancer/contractor/consultant. Personally - having a major in mathematics and relevant project experience - I have no significant problems. But 'dev-only' people certainly face the mass market effects.
Also from germany. CS degree = 75% mathematics + 5% coding + 20% other theory. Fresh out of university i hardly could write code at all and had zero experience with databases.
