Between 2006 and 2009, the advertising market in Serbia is expected to grow 308 percent, making it the fastest growing in the world.

This years' ad growth in Central and Eastern Europe has also been risen to 18.3 percent from 16.9 percent, according to the latest ad market forecast from ZenithOptimedia.

ZenithOptimedia also listed the top ten fastest growing markets in the report - All are in developing economies. Romania is ranked as the tenth, with the fast moving consumer goods (FMCG) advertising, which prefers television as the growth engine, followthemedia reported.

In February, AGB Nielsen estimated ad spending in Serbia around €140 to €150 million, with €85 to €90 million in television, or about 60 percent.

"High viewership (in Eastern Europe) is sucking advertising revenue into the industry and fueling expansion, production and programming purchases,” Daily Variety stated in an article a few weeks ago.

Top ad growth is not entirely in Central and Eastern Europe. Qatar was ranked second, expected to grow 214 percent by 2009. Egypt and the United Arab Emirates were ranked number four and five, respectively. The ad market in Kazakhstan is projected to increase 164 percent, ranking number three, to €1.22 billion ($1.72 billion).

Russia (number 6) and its three adjacent countries – Ukraine (7), Moldova (8) and Belarus (9) – round out the top ten.

“These are still small advertising markets, but they are underdeveloped and there is room for significant growth,” said the ZenithOptimedia report.

Global projected ad expenditures for the next three years will get a boost from sports: the Beijing Olympics, Euro 2008 football and the U.S. presidential elections - €321.2 billion ($453.3 billion) this year, €342.8 billion ($483.8 billion) in 2008 and €362.7 billion ($511.8 billion) in 2009.