The importance of knowing multiple languages to promote foreign relations and the eventual prosperity of the economy has been known and recognised forever. However, now that the internet has completely transformed social connections, multilingualism is all the more crucial for the financial betterment of the general population, businesses, and governments alike.

This article talks about multilingualism and its fact-backed relation to economic growth. We also discuss certified translation services, why you should utilise them, and their role in effectively relaying the official agenda to your potential clients and other relevant parties.

The Upside of Multilingualism in Relation to Economic Boom

Studies showing how a significant chunk of the world population does not speak English debunks the idea of it being the only marketing language. Therefore, knowing and speaking foreign languages is essential for better international dealings.

Here’s how multilingualism can lead to a rapid boom in the economy:

Export Benefits

Exports are the backbone of a country’s economy and knowing how to deal in multiple languages fuels exports.

A study done on small and medium-sized businesses in Sweden, Germany, Denmark, and France compares their trading data based on the languages they invest in. The results show that Swedish companies that rely primarily on English and, to an extent, on German and French, for trading sell their goods only to neighbouring Scandinavian countries.

On the contrary, Germany is one of the largest global exporters due to its multilingual export strategy. Knowing multiple languages facilitates the access and establishment in worldwide markets, which leads to GDP growth.

The exporters who can speak foreign languages or at the very least prioritise translations and interpretation in their communication can establish better relations with their trading partners.

Employment Opportunities

Knowing multiple languages opens more doors in the job market, leading to an increase in salaries at an individual level and economic growth at a national level.

Over 50% of UK companies consider the language skills of potential candidates as an essential factor during recruitment. Furthermore, as per the US Bureau of Labour Statistics, the employment of translators will grow by 18% between 2016 and 2026.

Globally, corporations invest more in improving multilingualism at a company level for inclusivity and better business dealings.

Therefore, promoting multilingualism at a national level will improve people’s chances of securing national and international jobs. The consequent wage increase implies GDP growth.

Overseas remittances are another incredible plus of international jobs. Apart from contributing to the domestic economy, remittances also stand as an import source of foreign reserves, crucial for economic stabilisation.

e-Learning

 Investing in education and skill development is crucial for a country’s growth. Having essential skills helps people secure a job, instils critical thinking, and stimulates entrepreneurship, eventually benefiting the national economy.

Digital platforms are a helpful arena for skill development. The internet is a hub of information available in diverse languages and knowing more than one language is crucial to reap the most out of e-learning platforms.

Corporate Relationships

 Multilingualism is a critical aspect of international corporate relationships, and the globalisation of local businesses is integral to the economic boom. Brand expansion is instrumental for a company’s global growth and lacking local language skills can disrupt business operations.

Marketing

 Marketing is a defining factor for a company’s success, and multilingualism can help advertise your services to a larger audience globally.

According to a report, 55% of consumers will buy products from websites that advertise in their native language. Successful businesses always adopt a customer-centric approach for marketing and products, and to connect with the customers, understanding their language and culture is essential.

Brands need to build a customer base for success and approaching potential buyers in their own language is an effective practical approach. In one survey, 72.4% of online consumers said they’d be likely to purchase products in their language.

Moreover, knowing multiple languages can help advertise your services to international businesses. This draws in investments and benefits the company.

What Are Translation Services?

While multilingualism is an important skill, learning multiple languages is not always practical. Besides, a culture largely influences a language, and therefore, your speech must be culturally accurate.

This is where professional translation services come in. These agencies have individuals fluent in multiple languages that represent you and your company in front of potential clients. They act as an effective communication medium between two parties, enabling them to do business dealings despite language barriers.

Businesses today are inclined towards maximum local and international expansion, and thus, they are working with and hiring translation service agencies for representation and corporate communication.

Translation agencies have witnessed exponential growth in the past decade, and according to a report, its estimated worth in 2025 will rise to $73.6 billion from $46.9 billion in 2019.

How To Look for Certified Translation Services Agency?

Hiring a translation service is an investment of time and money. Therefore, it is critical to ensure that your translation agency is certified.

Here are a few things you can look for in an agency to ensure its credibility. 

• Look up their website for a signed statement promising accurate translation.
• Ask for references and check customer feedback on third-party sites.
• When hiring an agency for your website, make sure that they are SEO-focused.
• There are multiple areas of expertise in translation, such as medical, legal, finance, marketing, publishing, etc. Ensure that the translator you hire specialises in your concerning expertise.

 

Conclusion

There is a growing demand for multilingualism in the job market and education sector. It benefits individuals and businesses, which eventually improves the national economy.

From an increase in exports to fostering foreign relations, facilitating corporate communication, and providing opportunities in labour markets, there are many ways learning multiple and diverse languages helps. Therefore, promoting multilingualism at the national level is crucial.

Translation services are an essential link to language skills as professional translators are equipped with culturally and grammatically accurate language. Therefore, they can break the language barrier and represent people at an individual, community, or corporate level.