Websites like shopee etc only needs maybe 10 engineers at most to maintain and build new features once in a while (if you've built a web-app before, you'll know is not that hard.). The site is already built, the APIs are already there. Right now , they have thousands. And this apply to many companies, not just Shopee.

When these companies realize they don't need thousands of engineers, and start firing them, you'll end up with hundreds of thousands of engineers in the SEA market, maybe even millions, and like less than 1000 opening.

Median pay is dropping to 2500 SGD per month for fresh grads. Remember when Oil and gas was hot, finance was hot? Same cycle happening to tech. Welcome to reality people.

But all hope is not lost, 2.5k SGD per month can still survive, with rent, eat cup noodles and weekend do grab-food.