Earlier this year the Ministry of Law (MinLaw), the Law Society of Singapore (LawSoc) and International Enterprise (IE) Singapore launched a new programme to help Singapore lawyers and law firms venture overseas. Called “Lawyers Go Global”, the programme will connect Singapore legal expertise with global opportunities, through overseas mission trips, training, and branding and marketing. The “Lawyers Go Global” programme implements the recommendation of the Committee on the Future Economy (CFE) Working Group on Legal and Accounting Services and is aligned to the Professional Services Industry Transformation Map (ITM) to catalyse the internationalisation of local law firms. It is part of MinLaw’s broader effort for Singapore to capture a greater share of international demand for legal services and enhance Singapore’s position as an international legal hub.
The EU Regular Economic Report (RER) is a periodic publication of the World Bank Group and covers economic developments and prospects, as well as economic policies in the European Union.
The report focuses on four regional sub-groups that share broad economic similarities (see map): Central Europe comprises Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, the Slovak Republic and Slovenia; Northern Europe comprises Denmark, Estonia, Finland, Latvia, Lithuania and Sweden; Southern Europe comprises Cyprus, Greece, Italy, Malta, Portugal and Spain; and Western Europe comprises Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands and the United Kingdom. The report covers the European Union, and also provides additional information on European countries that have a stronger operational engagement with the World Bank Group, in particular, Bulgaria, Croatia, Poland and Romania. The focus note of this RER covers “Service Sector Reform in the EU”.
See full report: EU RER 3 Oct16 v5
Europe has had a persistent low growth problem over much of the past decade, exacerbated by the severe economic contraction triggered by the financial crisis, when EU GDP fell by 4.5% in 2009 alone. Since then, the European economy has been characterised by low growth rates, stubborn unemployment and stagnant productivity. According to European Commission forecasts, the EU’s annual GDP growth rate is expected to flat line around 1.6% in the period 2014-2020, compared to previous growth rates averaging 2.3% over 2001-2007. Total unemployment is falling gradually but remains at historically high levels across the EU, at an average of 9.5%, with particularly worrying pockets of youth and regional unemployment.
This report by Hook Tangaza, first gives an overview of Europe’s professional services markets, in terms of their internal structure and their wider contribution to the European economy. It then goes on to examine the role of regulation in determining the key characteristics of these markets and most importantly, in influencing their ability to contribute to European productivity. It then summarises past efforts to improve their functioning, notably through the Services Directive and recent activity at a European level to complete the Internal Market in professional services. Finally, before drawing some policy recommendations from this analysis, the paper looks at lessons that might be gleaned from other parts of the world and other sectors of the economy.
Link to full report: Regulation and productivity in Europe’s professional services markets