I doubt the grass would be anymore greener elsewhere, even the current oasis of the Arabian desert they'll be tightening their belts. After all the like of Emirates, Qatar Airways, Gulf Air, etc are dependent on people outside of the middle east travelling thus a recession elsewhere will impact the Mid-East consequently stemming and reducing demand. This still leaves the ever flexible wannabe little choice to seek employment there. I would reiterate the same scenario for Asia a global slowdown is a global one and some will avoid the rising waters longer than others but I feel it'll eventually submerge all sooner or later.
In fact things appear so bleak that I am starting to redefine wannabes and not just recent graduates but also recent hires with a few houndreds hours on type under their belt, captains they most certainly are not and thus will be in the same muddle pool as the newbies. Awful I know but I just can't see how we're going to get out of this anytime soon. Therefore to up sticks and move elsehwhere would a stay of execution but the costs of relocating compared to the brief period of employment would reset you back to square one or even a few steps beyond that too.