The World: Denver - Six out of ten agency bosses think they're worse off

Sixty per cent of agency bosses within Worldwide Partners, a global owner-operated network, believe their business prospects are worse than at this time last year. And only 39 per cent of them believe things will get better next year.

The agency chiefs were responding to a survey carried out by the network, which has 143 offices in 53 countries.

However, almost half those questioned said their clients were maintaining their adspend.

Al Moffatt, the Worldwide Partners chief executive, said: "Our prediction is that the current period of global stagflation will continue at least through the remainder of 2008."