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WPP’s GroupM is downgrading its ad-spending forecast for 2016 due in part to “recent political convulsions” rocking confidence in ad spending at the Olympic Games in Brazil, according to the company’s new global ad spending forecast.

For 2016, the media agency network is predicting a 4%, or $20.5 billion, increase in global ad spending, down from the 4.5%, or $22 billion, increase it predicted in a previous forecast.

“After a slow growth in 2015, the communicatons market is feeling the effects of economic crisis in 2016,” the company said in its latest forecast. “Advertisers’ budget cuts have had a bigger impact on traditional media. High expectations surrounding the Olympics did not materialize and, unlike the World Cup ’14, sponsor investment was lower. The events have always had a great difference of attractiveness to the population, but political moment has certainly overshadowed the Games and pushed away advertisers concerned about ratings and corporate images.”

Continue reading at AdAge.com