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GroupM cuts global ad growth forecast

GroupM, a subsidiary of WPP, has cut its forecast for global ad growth in 2012 to 5.1% from 6.3%, citing an 8.8% decline in ad investment in Greece, Ireland, Italy, Portugal and Spain, Bloomberg has reported. The forecast follows a similar prediction by researcher ZenithOptimedia, which said last month worldwide advertising industry is seen to grow 4.3% this year, down from an earlier forecast for 4.8%.