The departure for foreign employment in Sri Lanka in 2022 has approximately tripled in comparison to the statistics of the previous year (2021) due to the economic crisis that erupted due to the dwindled dollar reserves, the Central Bank Annual Report shows. 

The Central Bank of Sri Lanka (CBSL) Annual Report for 2022 indicated 311,056 Sri Lankans have departed for foreign employment while a mere 122,264 people have migrated for labour in 2021. 

Due to the high inflation, prices recorded unprecedented increases and real wages eroded significantly in 2022. Accordingly, the public sector encountered a 20.6% real wage decline. The formal private sector real wage declined 22.7% while informal private sector wages declined 17.5%. 

Also, the unemployment rate has reduced to 4.7% in 2022 from 5.1% in 2021. At the same time, the employed population has increased to 8.148 million in 2022 while it was 8.114 million in the previous year. 

The labour force remained at 8.543 million in 2022 whereas it was 8.553 million in 2021. Thus, the labour force participation rate declined by 1% in 2022 compared to the previous year, which was 49.9%.

However, the economically inactive population has increased in 2022 to 8.615 million from 8.581 million in 2021. 

The Daily Morning Business reported in March that 84.7% of the migrant worker departures were to the Middle East, 6.3% to Asia (excluding South Asia) and 4% to the European Union. Accordingly the country experienced a monthly average of about 94,000 while only 27.6% of total departures have left for foreign employment, per the Central Bank of Sri Lanka (CBSL) data.

This 73rd Annual Report of the Monetary Board of the Central Bank was presented, in terms of Section 35 of the Monetary Law Act No. 58 of 1949, yesterday (27) to President and Minister of Finance, Economic Stabilisation and National Policies Ranil Wickremesinghe, by Governor of the Central Bank Dr. P. Nandalal Weerasinghe.