Stagflation and Translation Services
Recent economic headlines announce the possibility of entering a period of “stagflation” later this year or next. Stagflation refers to an economic condition characterized by a combination of slow economic growth, high unemployment, and rising prices. While this outcome is not certain, and government policy decisions could be determinant as to its occurrence and extent if it does occur, what would such a condition mean to the translation business?
Few businesses are entirely immune to economic cycles and that includes language services. Companies and linguists that plan for periodic downturns in the economy will be best prepared for periodic adverse economic conditions. A diversity of types of customers across a range of business categories can also be helpful since not all customer groups will be equally affected. Some businesses will be affected significantly while others might be mostly spared or even benefited.