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GroupM’s expectations for the global advertising economy are slightly more bullish than those released by Zenith yesterday.

Zenith Media’s latest global forecasts, released today, predict annual growth of between 4.6% and 5.2% for the next three years, driven by developing markets and digital media.

Group M has almost doubled its growth forecast for the UK advertising market to 8% this year due to a surge in national newspaper revenues.

Publicis Groupe has reported organic revenue growth in Q3 of 9.2%, according to figures from Merrill Lynch.

In a week when there has been some splashes of cautious optimism for the resurgence of global ad revenue in Zenith and Merrill Lynch forecasts, the US print newspaper industry was dealt another hammer blow from forecasters on Monday.

The latest IPA/BDO Bellwether survey raises as many questions as it answers. The headline is one of marketing budgets revised marginally upwards in Q3 after a similar small downgrade in Q2.

Merrill Lynch have released updated European advertising forecasts, which put the UK at +6.7% this year, falling to +3.9% in 2011, but up a healthy 7% in Olympic year.

ZenithOptimedia has amended its detailed UK advertising forecasts, and now expects growth of 4.5% to £11.3bn in 2010, then to £11.6bn and to £12bn in 2011 and 2012 respectively (2.5% and 4%).

On the face of it, ZenithOptimedia’s latest global ad revenue forecast headlines make positive reading – up from 3.5% to 4.8% for 2010; and the 2011 forecast increased too. However, reading deeper, this is tempered with not unexpected concerns over the next two years at least.

As new forecasts come out today from ZenithOptimedia and Magna, the forecasters continue to edge their predictions upwards.