Notably, only two of the 62 markets we track are forecasting negative growth in nominal terms (that is, without adjusting for inflation) in 2022.A majority of markets,35,are forecasting growth,albeit below the average global rate of inflation this year,which is 8.8% per the International Monetary Fund (IMF) October 2022 World Economic Outlook. The other 25 markets are projecting growth above global inflation, and while some still fallbelow inflation levels in their own country(e.g., Argentina and Turkey),16 markets are outpacing levels of inflation at home, including Australia, Brazil, India, Kenya, Malaysia, Mexico, South Africa and South Korea.
Looking at next year, when the IMF expects global inflation to drop to 6.5%, we see a similar trend with 26 markets predicting advertising growth above average global inflation, 32 markets forecasting nominal growth below the rate of inflation, and just four markets predicting nominal decline (Austria, Italy, New Zealand and Spain). Our global forecast calls for growth of 5.9% in 2023.
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