Sir Martin Sorrell has warned there is no guarantee the advertising recovery will last beyond this year.
Despite signs the ad industry is finally climbing out of Sorrell's infamous 'bath' (a term used to describe the shape of the recent recession), the legendarily downbeat WPP Group boss remains cautious about the outlook for 2005.
Speaking at the World Economics Forum in Davos, Sorrell warned that continued strength in the ad market after the US presidential elections was far from certain.
"We've got heavy deficit spending in the United States, the US currency is under pressure pretty much as a result," he said.
However, 2004 is shaping up to be a healthy year for advertising, which will be boosted by the elections in America as well as the European soccer championships and the Olympics.
Data sourced from: BrandRepublic (UK); additional content by WARC staff