According to reports, Levy has told a conference: "Europe is a mess. It will take at least six months before we see the light of growth."
The comments echo Levy's statement last week that Europe remained a concern as a result of some difficult markets, while there was growth in North America, Asia Pacific and signs of a slight recovery in Latin America.
The company has seen a marked improvement in its performance compared with rival French holding company Havas. Last quarter, Publicis saw revenues rise by 2%, while Havas was pleased that its 5.5% fall in revenues was the smallest decline in some time.
Levy is confident that Publicis, which owns Saatchi & Saatchi, Leo Burnett and ZenithOptimedia, will deliver a strong profit margin of 15% next year.
He made his comments at a Morgan Stanley investors' conference. He said automotive and pharmaceutical sectors would outperform the market.
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