Good News: Optimism in the Industry

We would like to share some economic data that we received from the folks at GALA (Globalization and Localization Association). They recently completed their third quarterly survey among their members, and have sent us the results. While the realities of these challenging economic times have affected all of us in one way or another, it is nice to hear that the outlook is generally quite positive. Here are some highlights from the study:

A full 78 percent of respondents said they had been impacted by the downturn in the last three months (Feb – April), a marked increase from 57 percent who indicated they had been impacted in the previous February survey. Far fewer in North America felt a direct impact (55 percent) than Europe (83 percent) and Asia (85 percent).

However, the outlook is not nearly as grim. A full 30 percent of respondents anticipate an actual increase in demand in the next three months—way up from eight percent in the previous survey. And many more respondents are optimistic about the future (44 percent) than are not (15 percent).

Other findings include:

* More than 82 percent of respondents have not cut workforce as a result of the financial crisis. There have been other reactions by many LSPs, including reductions in overtime and outsourcing, wage reductions and salary freezes.
* More than half of respondents (53 percent) report lower revenue compared to three months ago.
* Forty-four percent of respondents are optimistic about the next 6 to 12 months, while 15 percent are not optimistic and 41 percent are unsure.
* Similar to the first quarter, more than half of respondents have not had any projects or contracts canceled due to the economic situation. But there is a lot more downward pressure on price and some projects have been delayed.


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The entrepreneurial linguists and translating twins blog about the business of translation from Las Vegas and Vienna.

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