In its previous report published in October 2013, Warc anticipated global growth of 4.4% in 2014 based on its analysis of 12 leading markets – Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Russia, the UK and the US.
However, improved trading conditions, greater economic stability and an expected stimulus from major sporting events, such as the FIFA World Cup and the Sochi Winter Olympics, has led to a more positive outlook.
Led by India, the BRIC countries are expected to post the largest adspend increases this year, although their impressive rates of growth are forecast to be much lower in real terms once inflation is taken into account.
Adspend growth is forecast to rise 14% in India (5.6% adjusted for inflation), 12.4% in Brazil (6%), 12.3% in China (9.5%), and 8.6% in Russia (2.2%).
In the more established markets, the UK is forecast to record the highest rate of growth on 5.8% (3.8% adjusted for inflation), closely followed by the US at 5.6% (3.8%).
At current prices, they will be followed by Canada (3.2%), Australia (2.9%), Japan (2.3%), Germany (2%), Italy (0.7%) with France trailing on 0.2% projected growth.
"This year is set to record the highest annual rate of growth since 2010, when the industry was bouncing back from recession," said Suzy Young, data and journals director at Warc.
"This is largely because the outlook for the global economy is now stabilising and advertisers are starting to feel confident about making additional investments," she explained.
Looking to 2015, all 12 markets are expected to show growth in adspend at current prices, with India increasing its adspend at the fastest rate of 13.5%.
Data sourced from Warc