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In its first advertising expenditure forecasts of 2008, ZenithOptimedia downgrades its combined growth forecasts for North America and Western Europe this year from 4.4% to 3.8%, as the credit crunch drains consumer and business confidence. However, growth continues to strengthen elsewhere – we have increased our 2008 forecasts for the rest of the world from 10.9% to 11.1%.

The combined result is a slight downgrade of global growth from 6.7% to 6.5%, still well above the 5.0% average rate at which the global ad market has grown for the last ten years. We predict continued above-trend growth in 2009 and 2010, again thanks

• ZenithOptimedia downgrades 2008 ad expenditure growth in North America and Europe to 3.8% but upgrades the rest of the world to 11.1%.
• Developing market dynamism will maintain global ad growth above ten-year average despite sluggish growth in the developed world.
• Developing markets to contribute 63% of ad expenditure growth between 2007 and 2010, and increase their share of the global ad market from 27% to 33%.
• Asia Pacific to overtake Western Europe in 2010.
• Internet to account for 9.7% of world ad expenditure this year and 12.3% in 2010

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