Definition of economic translation

Economic translation is one of the most important areas of translation at the present time. There is no doubt that the increased need for economic translation came as a result of globalization, investment openness and increased trade activity. The opinion has not settled on naming economic translation, as some call it financial translation and others call it commercial translation. However, the term economic translation is the common academic form of this type of translation, which includes financial translation, commercial translation, and business translation.

The global economic crisis

At the present time, and in light of what the world is witnessing in recent years, huge events such as the COVID-19 pandemic, the Russian-Ukrainian war, and earthquakes around the world, all of these events have been translated into global economic pressures, economic inflation, banking crises, a collapse in financial markets, high international debt rates, and the bankruptcy of some countries, and now we are on the verge of a new global financial crisis, as happened in 2008.

The role of economic translation

Given the seriousness of the current situation, communication is intense between economic entities around the world for consultation and negotiation in order to find solutions out of the crisis to improve the current situation. This communication will not happen except through the process of translation between all these countries in different languages, as translation is the mediator to solve the global economic crisis, and the unknown soldier in the midst of negotiations, correspondence, conferences, seminars and business meetings. The role of translation is not easy, it is a work that removes linguistic barriers to convey messages and discourses from the source language to the target language in the best way. That is why the role of economic translation is very sensitive and requires accuracy, effort, quality, careful academic study, and elaborate training to carry out this hard work. But this is our role and we will never deviate from it and do our best to make it come out in the best light.

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