While the world’s economy is forecast to slow next year, the language industry will continue strong growth due to rising demand for professional translation and localization services, its leading trade organization maintains.

The IMF cut its projections for advanced nations’ economic growth to 1.3 percent in 2012 and 1.5 percent in 2013. But the global language industry will grow more than 12 percent this year and continue to do so in 2013, if recent annual growth patterns hold true, according to Hans Fenstermacher, CEO of the Globalization and Localization Association (GALA).

Fenstermacher points, among other things, to what he calls “Triple A” growth opportunities for the US$35 billion language industry: Asian, African, and Arabic. IMF’s projected 2013 economic growth for developing Asia is 7.2 percent (more than 8 percent for China); for sub-Saharan Africa, 5.7 percent; and 3.6 percent in the Middle East and North Africa.

Meanwhile, internet adoption in Triple A markets is surging. In the past decade, internet usage has grown over 20 times faster in Africa and 17 times faster in theMiddle East than in the U.S. “Many emerging markets are really taking off,” Fenstermacher explains. “And it’s driving the need for more language and translation services.”

Fenstermacher also cites four industry-specific trends fueling the strong growth of the language sector in 2013:

1. Faster delivery due to improving technology
2. Demand for real-time translation services
3. Adequacy of machine translation for lesser-quality requirements
4. Increasing interest from corporate investors

See: FinanzNachrichten