Merrill Lynch (MER) released a report on Thursday projecting that online spending will grow to $11.6 billion internationally - a 35 percent growth rate.
They added that China should have the highest growth rate at 50%. Close behind will be Britain with 46.4 percent, then France with 45 percent, Australia at 42.6 percent, South Korea with 30.5 percent and Japan next at 30 percent.
Merrill Lynch was also high on Google's international potential, noting that their share in Britain, Italy and Germany is 70 percent.
Yahoo isn't looking quite as good according to the report, as they think they will drop share from 11 percent last year to 10 percent this year.
Mediapost, citing the report. added that Omnicom's international prosects looked good saying, it ""has a strong presence internationally that should enable the company to expand its international online services abroad as well as to capture this growth."
Overall they have slightly lowered their original projections for the year.
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