If inflation is taken into account, global adspend in real terms is expected to rise by 2.4% next year, following growth of 3.1% this year according to its latest International Ad Forecast.

The 2015 outlook for all its key markets – with the exception of India and the UK – has been downgraded from June. The US, the world’s largest ad market, is expected to post growth of 4.4% next year to reach total spend of $174bn, overtaking 2007’s pre-recession peak.

Next year, internet (including mobile) advertising will account for more than a third of global adspend, up from a share of 9.2% in 2006.

Russia has seen one of the largest downgrades – by 7.2 percentage points – after a decline in its economic situation. Its forecast adspend growth for 2015 is now 2% at current prices.

India and China have the biggest predicted increases – 15.1% and 10.5% respectively.