The economy may be faltering, but that will not prevent online advertising from continuing to grow a healthy 23 percent this year, according to the latest eMarketer report. However, eMarketer’s latest report, which projects online ad spending of $25.9 billion compared to 2007’s $21.1 billion, represents a significant revision downward from the researcher’s November forecast of 28.5 percent growth for 2008. Still, compared to eMarketer’s prediction of total ad spend growth of only 3.3 percent this year, online appears to have a lot feel relieved about if the numbers turn out to be accurate. Some other projections from the eMarketer report:

SEE ALSO: Online To Hit Nearly 7.5 Percent Of Total ‘07 Ad Spend; On Track For 10 Percent In ‘08: Forecast

—Search will account for the largest portion of online ad spending this year, making up 40 percent of web-based ad expenditures. That percentage will decrease slightly through 2012, when it will account for 37.3 percent of U.S. online ad dollars.

—Rich media/video ad spend is set to keep growing as a percentage of online ad budgets, rising to 18.5 percent in 2012 from 10.2 percent in 2008.

—Display will likely remain flat in 2008, coming in 21.1 percent the same as last year. Prospects for display look essentially flat to slightly worse in 2009, as eMarketer is saying that it will be at 21 percent.

—What’s likely to keep spending up? eMarketer senior analyst David Hallerman: “The greater ability to measure ads online will likely encourage marketers with reduced budgets. Those same marketers are finding that the audiences they need to target are spending more of their media time on the web.”