The Ifo/FGV Indicator of Economic Climate in Latin America (ICE), developed in partnership with the German Institute Ifo and the Brazilian Institute of Economics (IBRE), presented the lowest level since July 2012, retreating from 5.2 to 4.4 points between April and July this year. According to IBRE, this result is due to a decrease in the rates that comprise the index - the indicator of expectation (IE) and current situation (ISA). Both remained below the average of the last ten years, which indicates an unfavorable phase to the economic cycle of the region. Most Latin American countries showed a decrease in the ICE - only Colombia and Uruguay presented an improvement in the research's indicator; Bolivia remained stable. In Brazil, the ICE remained below the average of the region, and recorded a strong decline, from 5.6 in the first quarter to 3.8 points in the second. Also according to IBRE, the impact of the decline of the projections in Asian economies, especially in China, is the main factor for the reduction of prospects in Latin America. Learn more about the survey here (page in Portuguese).