RIO DE JANEIRO, Nov. 24 (Xinhua) -- The climate for doing business in Latin America improved in the fourth quarter of the year, a leading Brazilian economic think tank said in a quarterly report released on Tuesday.

According to the Getulio Vargas Foundation (FGV), the Economic Climate Index (ICE) for Latin America rose by 3.9 points between the third and fourth quarters, going from -43.2 points to -39.3 points.

The ICE is a measure influenced by the Current Situation Indicator (ISA) and the Expectations Indicator (IE).

Improvement in the ICE was due to a rise in ISA, which rose 4.4 points in the fourth quarter, going from -98 points to -93.6 points, a level still considered to be "extremely bad," according to the FGV.

The ICE advanced during the fourth quarter in all Latin American countries except Argentina and Brazil, even though the indexes remain in the negative.

The country with the best ICE was Paraguay (-14.8 points), followed by Uruguay (-21.4 points) and Colombia (-28.5 points).

The study also forecast negative economic growth for all Latin American countries in 2020, led by Argentina, with a drop of 22 percent, and Paraguay performing best, with a 1.9 percent drop.