"I expect the numbers of our programme to drop next year as a reaction to the economic circumstances," Immigration Minister Chris Evans told reporters.
He gave no indication of the size of the cut, but said the government would also reconsider which occupations should be on the critical skills list.
"We will probably have a formal look at that in the next couple of weeks," Evans said.
Around 190,300 migrants were projected to arrive over 2008/09, with skilled workers accounting for most places in a programme designed when the forecast was for rapid economic growth and a skills crisis.
But projections for growth have been slashed as the global economy slows, and some industries have already started cutting jobs.
Asian immigration has grown rapidly in recent years while the number of new arrivals from traditional source countries such as Britain and Italy has fallen, the latest census showed last month.
"Country-of-birth groups which increased the most between 1996