(Reuters) – Global advertising spending will tick up 4.8 percent this year to $489 billion with Latin America and Asia making up for weaker demand in recession-hit Europe, according to leading media buyer ZenithOptimedia.

Citing lower risk of a deep economic crisis brought on by Europe’s sovereign debt woes, the forecasters slightly raised their forecasts for 2012 from the 4.7 percent growth they predicted in December.

For 2013, they saw 5.3 percent growth in 2013 from 5.2 percent earlier.

For 2014, ZenithOptimedia, which is a unit of advertisting agency Publicis, said global ad spending would grow 6.1 percent versus the old forecast of 5.8 percent.

“The upgrade is a result of two factors: signs that large companies are investing more in marketing to drive growth and a reduced risk of disastrous collapse in the eurozone, even though its short-term economic performance has deteriorated,” it said in a statement.

Major companies such as Coca-Cola, Pepsi Co, Unilever and Reckitt Benckiser have announced that they would spend more to build their brands this year, ZenithOptimedia said, adding that “many other large advertisers would follow suit.” Click here to read more