Some people are competing with local labor. Others are competing with global labor. Which situation benefits you strongly depends on your ability to demonstrate value to the employer.
It isn't just supply that is global but also demand. If you demonstrate exceptional value relative to supply globally, then buyers of your skills must also compete globally.
Proximity might have been valued so highly that it felt like you were only competing locally, but I think this was just an illusion. You've always been competing with global labor.
It isn't just supply that is global but also demand. If you demonstrate exceptional value relative to supply globally, then buyers of your skills must also compete globally.