It happened to our country as well.
We had growth for 4years in a row and got laid off 2 years in a row.
Most experienced people left , in this 2 years.There are few that are good that's still in our country.
Company doesn't care who led the growth or not. It's all about leader ship likes him or not.
So eventually for us , who ever worked close to the leadership , yesmen , degree holders , and native English speakers survived.
They didn't care who had the passion or who had the skills to acknowledge the growth.
No chance and future for this company. I see some down fall in the oversea market as well.