Yesterday, Mexicans voted resoundingly against the establishment by electing left-wing populist Andrés Manuel López Obrador (“AMLO”) as their next president. He will be sworn into office on December 1, 2018. This was the largest election in Mexico’s history, with some 3,400 federal, state and local races contested in all, so there will be changes at the federal, regional and local level.
ALMO’s victory is a political earthquake in a country where almost all voters alive today have never been governed by a president who was not either from the PRI or PAN, the two parties that have dominated Mexican politics for the past 89 years. Moreover, he could become Mexico’s strongest president in more than 30 years if it turns out that his MORENA party has captured a majority in both houses. Just like with the Macron election in France last year, the majority would give AMLO enough power to push through his plans with little interference.
Seismic changes lie ahead for Mexico with the election of Andrés Manuel López Obrador as the country’s next president. Whether the Mexican economy under AMLO goes the way of Venezuela under Hugo Chavez or Brazil in the initial years of Lula’s presidency remains to be seen. Two areas that will surely be disrupted are energy and trade . . .