Marketing intelligence service Warc has released its latest International Ad Forecast, which says global spend will rise by 3% in 2013 and 5% in 2014, against 2012 numbers. The lack of a boost from big events such as the Olympics and US presidential election coupled with ongoing concerns about the global economy, particularly in the eurozone, are listed as reasons for the slowdown in 2013 by the organization.

Canadian ad spend is expected to grow at a slightly slower pace than the global rate, with forecast growth of 2.7% for the year over 2012. That forecast is down 2% from the last Warc report forecast for 2013, which was issued in Nov. 2012. With the exception of Brazil and Japan all measured countries have seen their 2013 forecasts downgraded since the last report, according to a release from the organization.

The highest level of growth in the world is forecast to come from Russia, with Warc saying the country’s ad spend will jump by 12.4% in 2013. That is followed by Brazil, which is expected to see growth of 9.5%, China with 9% and India with 7.9%. The largest drop is expected to come from Italy, with its ad spend expected to drop by 2.9% for the year.

Warc produces its International Ad Forecast four times per year for 12 markets: Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Russia, the UK and the US.