Yes but......
One would hope that the global economics that triggered the recessions of the eighties and early nineties are a little bit easier to forsee. The world economy is more a "world" economy than it was in the nineties even. That means that with growth occurring in all corners of the world that makes this particular pilot shortage more likely.
The airline world is largely de-regulated (for good and bad) making it easier for any country to put aircraft in the air. More countries have agreements between each other and those agreements are for much larger numbers than in the nineties. These countries now hoping to expand services now have the finances to do so.
Asia alone is set to grow more than the European and N. American markets combined.
Now what will it really mean to established airlines and their pilots. probably there will be some upward pressure on some contracts, but only where said contracts lag behind the industry curve. Some companies can make up for lower pay with more permanent career opportunities, some with basing locals, while others will offer benefits and lifestyle.
There will be movement, just how much ? I for one doubt that BS (Brush Stroke) will have to up the packages much to maintain it's pilot ranks. They will have to be seen to be doing something though. They will wait until the last minute though. I am sure that the current negotiations will drag on for some time. Meanwhile not enough leave to make an impression, the airlines that do up the packages will get the needed recruits but experience levels will drop. The big training outfits will crank out low time jet pilots at a frantic pace and all the seats will be filled.
I do not think that an economic slowdown will park airplanes anytime soon.
My 2 cents (plus inflation over ten years in Aus $$.....hmmm)