At the height of the first wave of COVID-19 in early 2020, households and businesses found themselves in the same boat. Rising infections and uncertainty forced millions to lower their sights and go inward, reducing expectations of business growth, focusing on core operational resilience and lower-risk domestic markets rather than ambitious overseas ventures.
By contrast, much has changed in 2021, allowing us to turn a new leaf in 2022. The re-opening of economies is allowing for the world to enjoy a synchronised economic recovery the likes of which have never been seen before. At last, households and businesses can open the door and look further afield for opportunities.
Bubbles have been providing translation services for 22 years and will help support the opportunities that can be had from branching out overseas and making the most of the post-pandemic recovery in exciting new markets.
A history of translation
Even civilisations in the ancient world knew the importance of being on the same page with one another. The world’s oldest peace treaty dates back to 1271BC, a document written in both hieroglyphics, the written language of the ancient Egyptians, as well as Akkadian or Babylonian-Assyrian. The document was intended to bridge a gap between two powerful civilisations and deliver lasting peace between Egypt and the Hittites.
Without such documents, it is unlikely either civilisation would have enjoyed the 40 years of peace that followed the treaty’s creation. In the present, we still have much to learn from the power of translation, especially when it comes to making the most of opportunities on distant shores. The world is more complex and interconnected than that in 1271BC, but the importance of transcending cultural and linguistic barriers is every bit as important as it was then.
In 2022, economies across the world are expected to resume reopening after a government policy-induced slumber. Growth in the coming year is expected to be faster than the rates we’re used to, as economies make up for lost time, but some have more opportunities for growth than others. While the UK has many unique selling points, including an educated workforce and high wealth creation, much of the growth potential has already been enjoyed domestically.
Countries such as China, India and other emerging markets are yet to reach the same level of per capita GDP as the UK and are expected to grow much faster to catch up with us in the coming decades. The coming year is a textbook example of this catch-up: the IMF forecast that India’s economy will grow 8.5 per cent in 2022, racing ahead of the UK, which will muster just five per cent growth in comparison during the same period.
A virtuous cycle
To understand the position of selected markets around the world, it works best to pay close attention to economic cycles and demographics to help determine the best way to tackle expansion in a given market. For example, in the Japanese market, it is important to take note of the persistently slow economic growth the country has experienced since 1989, otherwise known as the ‘Lost Decades’ era. In addition, countries such as Japan have a low birth rate and a rapidly increasing number of people of pensionable age.
If you wish to pitch your brand to a sizable young audience, an ageing country such as Japan probably isn’t the best bet. By contrast, countries such as India have a booming young population, rising economic growth over many years and plenty of growth potential expected in the years to come. However, all of these factors must be considered alongside the global economic cycle. During tough economic times, some sectors may struggle to gain a foothold compared to others, no matter where you move to.
In some cases, entering an overseas market requires knowledge about which part of that country’s economic cycle it is in at any given moment. Not all economies enjoy the same prosperity at the same time in the same amounts. For example, for much of the 2010s, countries in Europe endured years of slow growth or recession. By contrast, the Indian and Chinese economies managed to continue growing the entire time, at rates that haven’t been seen for decades in Europe.
Having a translations partner is crucial to even begin communicating your business to a foreign audience, but you have to do your homework first on a target market, to make sure it’s the right place to be aiming for. Timing can be of the essence, so if you get Bubbles on board, trust us to cover your translation projects promptly while you make sure you schedule your entry into a foreign market perfectly.
Expanding the horizon
If 2020 was the year of isolating and staying behind closed doors to escape COVID-19, 2022 is the year post-pandemic anxiety can potentially dissipate and growth returns back on the agenda, not just domestically but all over the world. While domestic concerns such as the UK’s response to the pandemic and Brexit might be enticing reasons to stay anchored in one spot, the UK is just one of many economies based in Europe expected to see rapid growth in 2022.
Spain’s economy, for example, is projected to grow faster than the UK in 2022 according to the IMF’s latest forecasts, meaning those wishing to expand into an EU-based market might want to start thinking about seeking translation services for Spanish-speaking audiences as part of their business strategy. This has the added benefit of allowing you to extend your products and services to Spanish-speaking countries in Central and South America, where markets might have even more growth potential. Further afield, economies belonging to the ASEAN-5 grouping, including Indonesia, Malaysia and Thailand, are expected to grow faster than the UK in 2022.
As you move beyond Europe and the Americas, you’ll want a language translations partner which has experience especially when it comes to Southeast Asian languages. Bubbles Translation has worked to translate no fewer than 280 languages over the last 22 years, so if you wish to make that overseas expansion into Southeast Asia anytime soon, why not check to see if we’re in a position to help with your enquiry?
No country is truly an island, especially in an era in which markets are increasingly globalised and words can travel thousands of miles in an instant. It’s just a case of having the right translations partner to make sure those words hit the right notes and aid your broader business goals overseas. Get in touch with Bubbles Translation today to see what we can do to make this a reality in 2022.
