The quadrennial of events expected to help recovery in global ad spend this year, including the Euro 2012 football tournament and London Olympics 2012, are not now likely to provide the uplift predicted by many forecasters in Q1.
Carat, the Aegis-owned media agency network, has revised downwards its growth forecast for the UK from 4 per cent to 2.8 per cent for 2012. It expects UK growth to stay at the same level next year, rather than its previous 3.4% forecast.
Growth in Western Europe as a whole is now predicted to be almost flat this year, at 0.2 per cent, with possible negative growth in Southern Europe, where Greece and other economies within the Eurozone are struggling. The prediction for next year is halved to 1.1 per cent, a contrast to ZenithOptimedia’s recent forecast of 2.3 per cent.
However, the US, Lain America and Brazil have all had their forecasts raised for 2012 and next year.
Global growth for 2012 is down from 6 per cent to 5 per cent while 2013 sees a cut from a forecast of 5.8 per cent to 5.3 per cent.