MUMBAI: GroupM, the investment group of WPP Media, has revealed its updated 2018-19 ad investment forecasts. The growth projections for 2019 are also mentioned from 3.9 per cent to 3.6 per cent, with total new investment anticipated to reach Rs 1.33 lakh crore ($19 billion) instead of the Rs 1.61 lakh crore ($23 billion) earlier predicted.

The group revealed that the recent US dollar appreciation versus just about every other currency led to the suppression of the predicted growth. Stress on the auto category stood out in feedback from GroupM’s worldwide network, as did the absence of any rebound in CPG investment with traditional media.

While China remains the largest contributor to the group, 2019 will be its sixth successive year with single-digit ad growth and mark its lowest growth rate yet recorded. Following China, the other top contributors are USA and India. India is expected to contribute Rs 9500 crore ($1.35 billion) of growth.

GroupM futures director Adam Smith said, “GroupM’s still strong but slightly fraying 2018 view ties to macro questions: tighter money, China’s slowing growth, and the potential for pricey trade wars.”

He added, “Real interest rates are edging up globally, but serious potential problems remain limited to a fragile five – Argentina, South Africa, Brazil, Turkey, and Venezuela.”

GroupM forecasts that ten countries will provide 83 per cent of all 2019 growth.