Even though economies around the globe are hurting, the online advertising market worldwide is expected to increase by 23 percent to US$43.3 billion this year, according to the European Information Technology Observatory (EITO), The Hollywood Reporter reported.

Despite of the financial crisis, turnover with ad banners, sponsored links and other online ad formats. will grow 13 percent to $18.6 billion in the United States, making the country the largest market worldwide.

The European online economy used to be a smaller base, but it is developing fast, according to EITO. It is expected to grow 31 percent to $12.4 billion this year. Japan, the next biggest market, will boost 15 percent to $4.5 billion, while China will rise 46 percent to $1.6 billion, according to The Hollywood Reporter's article.

The 2008 forecasts have a 26 percent jump year-over-year to $35 billion, while in 2007 it grew 33 percent to $27.8 billion, according to The Hollywood Reporter.

The figures show that the Web is becoming an important advertising medium compared to TV, radio and print advertising, said EITO chairman Bruno Lamborghini. Forecasts for television advertising this year are up only 8 percent to $189.6 billion, he added.