South Africa, March 28 -- It says this is due to growing market volatility. A further cut of 0.7pp has been applied to 2026, downrating growth to 6.3%.

The underlying factors for these downward revisions are wide-ranging, but core among them is the rising risk of stagflation - or outright recession - across major economies, compounded by heightened costs being levied on trade by the US.

Tightening regulation in the European Union (EU), squeezed margins and low business and consumer confidence are also contributing factors.

"The global ad market faces mounting uncertainty as trade tariffs, economic stagnation, and tightening regulation disrupt key sectors - leading us to cut growth prospects by $20bn over the next two years," says James...