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Zenith Optimedia also predicted that spending on internet advertising was set to rise 8.6% as shoppers hunt online bargains.
BBC: Bleak prediction for advertising
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It said it remained interested in its options regarding Cordiant's media buying arm Zenith Optimedia in which it has a 75% stake.
BBC: Cordiant sale keeps City guessing
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"UK Active Value made a proposal regarding Cordiant and Cordiant's shareholding in Zenith Optimedia Group, which Publicis declined, " Publicis said in a statement.
BBC: Cordiant sale keeps City guessing
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The bulk of new advertising spending over the next three years is expected to be in emerging markets, particularly China and Brazil, according to Zenith Optimedia, a research firm.
WSJ: Brazil: The Social Media Capital of the Universe
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"Since we released our last forecasts in December the global ad market has taken a substantial turn for the worse, " said Zenith Optimedia, whose own customers include British Airways, Hewlett Packard and Nestle.
BBC: Bleak prediction for advertising
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"It was the backbone of the industry and it sank to an all-time low as writers wanted to express themselves on a bigger stage, " says Larry Novenstern, executive vice president and managing director of national and local TV investments at Optimedia.
FORBES: Television