Goldman Sachs Research economists have projected 4% global GDP growth for 2018, in light of the world economy outperforming most predictions for the first time since 2010. The positive financial backdrop is allowing many businesses to flourish and expand, with many looking to tackle global marketplaces for the first time.
The professional translation sector can play a key role in enabling such expansion. Indeed, the translation sector itself is set to benefit from the positive global performance. Figures available from the Bureau of Labor Statistics in the US project the translation and interpretation sector will grow by 18% between 2016 and 2026, which is much faster than average.
Strengthening labour markets in advanced economies are supporting the positive global outlook, with the impact of low commodity and import prices unwinding and low core inflation expected to tick up.
With the global economy performing well, there are opportunities for businesses to take advantage of the latest technological developments in order to expand their operations overseas. Instant communication and messaging tools, 48-hour global delivery networks and the marketing potential of social media sites are a heady combination for businesses that manage to make the best of these resources.
Of course, barriers to business flow still exist and language can be a stumbling block – but it doesn’t have to be. Most professional environments reject machine translation as being unable to meet their exacting corporate standards, but human translation services are able to meet their needs. From business letters and emails to marketing presentations to the legal paperwork needed to cement international partnership working, translation services can enable companies to operate internationally with ease.
As the translation sector expands over the years ahead to meet businesses’ needs, it must also prove itself flexible, embracing technology where it can make translation more efficient, though never at the expense of quality. The Tomedes Summarizer Tool is a good example of this – it allows translators (and many others who work with words and websites for a living) to complete their work more efficiently, which means they can respond to companies’ needs more swiftly.
Political happenings over the past couple of years have shown that we can never see what’s coming on the global stage – but businesses do have the ability to respond to the situation that they’re presented with. Right now, that means making hay while the sun shines – and the professional translation sector is ready and waiting to assist.