Growth in the global advertising market is set to accelerate in 2008 despite the recent credit crunch, according to new forecasts.

ZenithOptimedia predicts that global advertising expenditure will grow by 6.7 per cent in 2008, up from 5.3 per cent this year, with developing markets taking over as the main contributors to growth.

Experts say that European football, the Olympic Games, and the Unites States elections will mark a year that is full of opportunities for marketers.

ZenithOptimedia’s report also identified continued growth in internet ad spending, which is likely to increase by as much as 69 per cent between 2007 and 2010, raising its market share from 8.1 per cent to 11.5 per cent.

It is also expected that the internet will overtake magazines to become the third largest medium for ads.

The report warned however, that property and finance advertising specifically, in developed economies such as the UK, the US and Germany, is likely to be adversely affected by the housing downturn and credit squeeze.

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