You surf the internet to cite an article in 2015 and not even based on Singapore demographics or our economy policies.
Nah .. I share one about korea for you .. at least asian context
https://wenr.wes.org/2018/10/education-in-south-korea
According to the Organization for Economic Cooperation and Development (OECD), 70 percent of 24- to 35-year-olds in the nation of 51.5 million people have completed some form of tertiary education.
This extreme competitiveness has created a number of social problems: Suicide, for instance, is the leading cause of death among teens in Korea, which has the highest suicide rate overall in the entire OECD. Student surveys have shown that poor grades and fears of failure are major reasons for suicidal thoughts, while Korea simultaneously has a growing teenage drinking problem.
Despite all the time, finances, and emotional resources invested in their education, Korean youth find it increasingly difficult to secure desired quality, socially prestigious jobs. The country’s obsession with higher education continues to sustain a “college education inflation,” flooding the Korean labor market with a supply of university graduates that hold degrees of deflated value whose earnings prospects are decreasing.