As we move into the New Year, many around the world are at the edge of their seats, awaiting one of the most highly anticipated elections of the year: the Mexican presidential election on July 1. With Enrique Peña Nieto leaving office after the end of his highly contested 6-year term, this year’s elections will play a large role in determining the future of the Mexican economy and party politics.
Over the past few years, Mexico’s financial landscape has been undergoing a painful transformation, largely due to the sudden drop in oil prices seen worldwide. Just ten years ago, 35 percent of the government’s revenue was derived from crude oil production. As of last year, though, this had fallen to 20 percent as prices fell and the Mexican state-owned company Pemex reduced its typical 3.4 million barrel per day (bpd) production rate to around 2.2 million bpd.
A certain atmosphere of “rehearsal” is always present when sub-national or mid-term legislative elections take place with a new race for the national executive already in sight. The electoral dispute for diverse state-level and municipal offices, including the governorship of Mexico’s homonymous metropolitan state (Edomex), on June 4th was no exception.