The UK's adspend growth has been revised down by 0.1% for 2011 from 1.8% to 1.7%. It is also predicted that it will not see the 6% growth previously forecast for 2012, instead the market is expected to grow by 5.2%.
The UK is predicted to be the ninth fastest-growing market in 2011 behind Russia, India, China, Canada, Brazil, Australia, the US and Germany. However in 2012, the UK is expected to be the fifth fastest-growing market behind Russia, India, China and Brazil.
Russia, India and China are still expected to record the strongest year-on-year growth in advertising spend in 2011. Russia is forecast to experience 27% growth in 2011 ahead of India with 13% and China 12%.
Growth in nine of the 12 markets featured in the forecast has been revised down, including Brazil by 2.4% to 5.1% in 2011 and by 2% to 8% in 2012.
France has been revised down by 1.3% to 1.6% in 2011 and down 1.2% to 2% in 2012.
US growth has also been revised down by 0.3% to 2.5% in 2011 although remains unchanged for 2012 at 4.1%.
Forecasts for Russia, Canada and Japan remain the unchanged for 2011 and 2012.
Suzy Young, data editor at Warc, said: "The crisis in the Eurozone is continuing to create havoc for the world's financial markets, and it shows no sign of abating any time soon.
"As a result advertisers have become more and more cautious, even in markets outside Western Europe."
Follow Sara Kimberley on Twitter @SaraKimberley
This article was first published on campaignlive.co.uk
Annie Leibovitz explained the art of bringing a story down to a single moment, and shared the inspiration behind the campaign she created with Disney making tales as old as time relevant to today. We heard from Astro Teller, Captain of Moonshots at Google (yes, really) reinforcing the importance of storytelling in driving audacious invention. Mother warned us to hang on to the joy of craft and keep our brains happy in order not to become advertising douchebags. And Facebook discussed scalable creativity.