According to the global media networks updated forecasts for worldwide advertising expenditure, global ad spend will reach US$548bn in 2016, which represents 4.4% year-on-year growth.

The healthy outlook has been linked to a series of high-interest media events, including the UEFA Euro championship, the Rio 2016 Olympics and Paralympics and the upcoming US presidential elections. 

According to the figures, the UK continues to be the largest advertising market in Western Europe, with positive growth of 5.4% expected in 2016. This exceeds the average growth of 2.9% in the region. 

Growth in the UK has largely been attributed to the continued rise of digital, which accounts for a 53.6% share of spend in 2016 and is set to maintain pace in 2017 with an increase of 11.5%. 

“Carat’s latest forecasts show continued confidence and positive momentum for global advertising spending," said Jerry Buhlmann, CEO of Dentsu Aegis Network.

"Expanding over three times faster than the global rate, digital reaffirms itself as the unrivalled driver of growth. As the digital economy brings complexity, speed of change and disruption, it is only through digital that brands can build engagement and remain relevant to their audiences on a fully addressable and real-time basis."