In some ways, 2007 looks to be a very disappointing year for advertising. Just to begin with, it will be an off year for elections and for the Olympics.

But there are legions of other problems as well, many of them at the local level. Newspapers are suffering, as they have been in recent years, facing challenges from the internet and local cable, but also increasing consolidation in the all-important retail category at the same time that more major retailers, such as Macy's, are moving ad dollars to national television.

Yet, despite all these problems, spending on ad-supported media will be comparatively decent in 2007, according to a flush of forecasts out this week.

Universal McCann's Robert Coen, the dean of media forecasters, if traditionally among the more optimistic, is forecasting ad spending growth of 4.8 percent, to $298.8 billion in 2007. That's down from a mid-year 2006 forecast of 5.8 percent for 2007 but still a healthy pace considering that the year will have neither the Olympics nor elections.

That's also not far behind the 5.2 percent growth pace Coen is now forecasting for 2006 over 2005, a year with both the Winter Games and hard-fought elections that led to record political spending. Coen had originally pegged 2006 growth at 5.8 percent.

Further, in what's been a recurring theme since the ad recession, Coen is optimistic that major advertisers will begin loosening purse strings in the coming year. As he writes in his report, released this morning, "Companies’ balance sheets are in great shape, and they are loaded with cash. If aggressive competition begins to heat up, it will be inevitable that higher levels of advertising reappear."

Also, at the local level, while newspaper advertising is suffering, spending on local internet is rising far faster than even national internet spending, and that is serving to boost local ad economies. That's often new spending, or dollars being spent on the internet that are in addition to traditional media, such as radio or out of home.

In looking at 2007, Coen sees modest growth for network television, at 3 percent, and flat growth for national spot TV. But both cable and syndication will be up, at 6.5 percent and 6 percent.

No surprise, spending will be led again by the internet, which Coen forecasts will grow another 15 percent in 2007. Direct mail will see the next-highest growth at 7.5 percent.

Local newspapers will grow just 2 percent, while local TV will be up 4 percent and local radio just 1 percent. In all, local media spending will rise just 2.7 percent, according to Coen's forecast.

Total national media spending will be up 5.9 percent.

Globally, Coen is forecasting 2007 worldwide advertising to rise by 5.3 percent, to $631.4 billion.