Mexico will hold a presidential election this Sunday, seen as a pivotal moment for its democracy. Incumbent President Andrés Manuel López Obrador is stepping down after a six-year term marked by notable reductions in poverty and inequality through expanded welfare programs and a doubled minimum wage. López Obrador's term also saw a rise in organized crime, murder rates, military involvement in the economy, and intolerance towards dissent.
Claudia Sheinbaum, a former mayor of Mexico City and a López Obrador protégé, is the leading candidate. She promises to continue his policies, including expanding welfare programs and increasing the minimum wage, but also supports controversial measures like military control over policing and key economic sectors. Sheinbaum advocates for direct elections of Supreme Court justices and other key officials, which critics argue could undermine democratic institutions.
Opposing her is Xóchitl Gálvez, a businesswoman advocating for a business-friendly approach, crime reduction, and enhanced independence of institutions. Gálvez's campaign has struggled due to an unpopular political coalition and her relative inexperience.
This election follows decades of economic stagnation and social inequality, despite promises from previous administrations that have failed to materialize. Business and investors are largely focused on immediate financial gains and may be overlooking potential risks to Mexico's institutional stability.
The outcome of this election is crucial for Mexico's future, especially concerning its multi-party democracy and rule of law.