LONDON: UK-headquartered media buying network Carat has revised downward its forecast for global advertising spend during the rest of this year and for 2009, reflecting the seemingly unrelenting economic gloom.

Growth for 2008 has been cut by 1.1% to 4.9%, while the reduction in Carat's 2009 forecast is slightly less, from 4.9% growth to 4.8%.

Strongest performance is likely to come from the emerging markets of central and eastern Europe, central Asia and Latin America, says the firm, part of the Aegis Media conglomerate.

Russia is expected to see growth of 22.8% this year, while China and Central Europe are likely to deliver respective rises of 18.2% and 16.8%.

Comments Aegis ceo Jerry Buhlmann: "It's clear that the worldwide economic issues affecting businesses are having an impact on where and how advertisers spend their money.

"It is also significant that the US and the UK, as the highest spenders on advertising in their regions, are showing reductions in our forecasts."

Data sourced from; additional content by WARC staff