These occasional business downturns in the airlines in Asia is nothing new, if you look far enough back in time.
For example, SQ in 1980 was much more dependant on expat crews than now, and when the fuel prices spiked for about a year or so, they retired the 707 fleet (all the while advertising additional 707 freighter service...marketing not talking to management), parked two older 747's, deferred aircraft orders, and placed a freeze on additional expat crews.
Within just a year, crews were being hired again and more aircraft were being ordered.
They even managed to sell their first 747 that had sat behind the hangar at Paya Lebar for over a year...with no engines for a long time.
In the end of course, expat crews are contract crews, and subject to the needs of the times, good or bad.