That the case in the West this days it's a sad thing to watch - no degree = no high paying job even with a PHD - you have to stand out to get hired.
That's actually very sad but this is indeed the situation.
Now reading again your answer, this is clear. I read too fast (in the middle of the night...). My mistake. Sorry about that. Many (European) companies are indeed moving either towards Eastern Europe, North Africa or in Asia as hiring people there is cheaper for them.