Yes, absolutely!
You must do your own research and decide what is right for you in your own circumstances.
There are no easy solutions, or unfortunetaly any cheap ones anymore.
Despite the poor economic environment, there have also been legislative and regulatory changes over the last decade that has caused some confusion and indeed some delusion in the expectations of a few wannabe pilots.
There has never been anything other than a very small market for 200 hour airline pilots. Historically, pilot aspirants would work their way up through entry level jobs until their experience and hours qualified them for consideration for the positions that became available. At this level they were often competing with some of the excellent candidates that were transferring out of military careers into civilian roles. Into this mix, a few airlines would take a few pilots from recognised and integrated training schools.
These training schools were "approved" to turn out "licenced commercial pilots" with around 200-250 hours experience, with their ATPL examinations completed. The courses were integrated, single provider and full time learning schemes, with syllabuses that were recognised, overseen and approved by the state regulator.
With the introduction of JAR the licencing regime was changed so that modular students (who might previously have been termed "self improvers,") and required at least 700 hours experience to acquire a basic CPL, could now obtain that same licence with around 250 hours. In essence this brought the licensing experience based requirements, more into line with those found in other countries (particularly the USA) where the CPL was seen more as an "aerial work" licence, rather than an airline pilot qualification. As a result aerial work jobs (such as flight instruction) which could previously have been done on a PPL, now required a CPL (at slightly higher experience levels) in order to fulfill those roles.
By strict definition, it also meant that anybody clutching a CPL (with their 250 hours) could potentially be employed to sit in the right hand seat of a commercial airliner. During this same time period, the rapid expansion of new entrant "Lo-Cost" airlines meant that some new practices were introduced. One or two sought to reduce their operating costs by meeting the minimum legal requirement of putting a basic licence holder into the right hand seat. Not I hasten to add as a "First Officer" on the terms that prevailed previously, but as "pay to fly," "self employed," "entry level" etc.
The recession coupled with an extension to legal retirement ages, has rather clouded this market. In some quarters it has grown unchecked, but in many others there is still a recognised level of experience and qualification needed for these jobs.
Unfortunetaly (and perhaps understandably) it has led a great many people to believe that if you get 200 hours flying experience anywhere in the world, and a licence, airlines will be tripping over themselves to hire you. The truth is they won't, they aren't, and they never have.
There are always routes into aviation, and those routes will differ from individual to individual based on their own resources, ability, luck and experience. That has always been the case as well.
My own view is that at the present moment in time, in the past, and almost certainly in the future the best hope of an airline career with only a couple of hundred hours is via an integrated course through a training / airline partner programme.
Outside of this route, 200 hours will get you an aerial work licence which hopefully will give you the tool to acquire the necessary experience to be considered for airline pilot vacancies at the requisite level, many years down the road. Having said that, jobs everywhere are few and far between. They rarely remunerate at much above a survivable level, and progression can often be thwarted by the "fast track" integrated programmes, where those programmes are economically beneficial to the partner airlines.
That is why I answered the way I did. Of course the option is simply not there for everybody, and many people will consider it unpalatable, undesirable or simply beyond their means.