I would recommend you to follow your interest. No point studying something which you are not interested it. And going into a career where you have no interest in.

I was very interested in computer stuffs and took a degree in Computer Engineering from NUS. That was after the dot com bubble. When I graduated in 2005, I took a different path from my friends/classmates (most of them went into finance/banking industry), while I went into the technological industry in a MNC.

The reality about the IT industry now is that most of them are foreigners as there is just not enough locals. Most locals go into finance/banking and that explains the intense competition going on there. Comparatively, I find the pay in the IT industry to be quite good and balance due to the absence of competition. I'm earning more than my peers in the finance/banking industry, rose up to management pretty fast and had lots of fun from the multiple overseas postings.

So pursue based on your interest and not the market trend. And never follow the advice of the government. From Life Science, to Law, to Business, the graduates from these fields are having difficulties finding jobs after they graduate.