Politics of Mexico in 2023: Politics & Election Tracking

Last Updated: October 30, 2023

Political Summary

Mexico was ruled by the Partido Revolucionario Institucional (PRI) from 1929 to 2000, moving from a nationalist and interventionist approach to a free-market and economically liberal approach. In 2000, the centre-right Partido Acción Nacional (PAN) won the presidency, representing a shift to democratic pluralism, but a divided legislature and slow progress in structural reforms hampered political effectiveness. Sluggish growth and rising violent crime led to the PRI’s return to power in 2012. However, persistent domestic discontent resulted in a historic election win for the left-wing Andrés Manuel López Obrador in 2018.

The Mexican political system is presidential, bicameral, and federal, consisting of 31 states and a federal entity covering the capital city, Mexico City. Presidential terms are for six years with no possibility of re-election. During the transition to democratic pluralism, political power has shifted from the executive to the legislature and local governments. Reforms in 2013 allowed for the re-election of legislators and mayors, and established a single electoral institute to improve political effectiveness and reduce election irregularities. In 2018, presidential candidates were allowed to run as independents, but their impact was limited. López Obrador has a tendency to put major policy decisions to public consultations outside of legal channels.

Conservative fiscal and monetary policies support macroeconomic stability, but weak non-oil revenue and shallow credit markets limit policymakers’ ability to boost demand. Previous governments implemented structural reforms in 2013 in energy, education, and telecommunications. López Obrador reversed the education reform by eliminating teachers’ evaluations and attempted to undermine the energy reform, but the loss of a congressional supermajority in the June 2021 mid-term elections limited his efforts. Growth is hindered by a lack of internal competition, a deficient education system, institutional flaws fostering corruption, and high crime levels.

Mexico - Government Spending (% of GDP)
Note: (%)|2023後為預測(IMF)

Current Account Balance

-18.05 Billion

Current Account Balance (% of GDP)

-1.2 %

Gov Net Landing/Borrowing(% of GDP)

-4.3 %

Gov Gross Debt(% of GDP)

54.1 %

Mexico - Current Account Balance
note: (% of GDP) | Forecast After 2023
Mexico - Gross Debt
note: (% of GDP) | Forecast After 2023

Election Tracking

Mexican President Andrés Manuel López Obrador’s party, Morena, kept its majority in the lower house of congress with the support of a controversial ally in the midterm elections. Though the party failed to win two-thirds of the lower house, which would have allowed López Obrador to roll back reforms, he still retains institutional power in the budget process and congress. Despite criticism for his handling of the economy, security, and the pandemic, López Obrador still enjoys approval ratings around 60% and is supported for programs such as cash payments for seniors and students, and raising the minimum wage. Despite the setback in Mexico City, Morena performed strongly in state-level races and was leading in 10 of the 15 gubernatorial races.

The near-term political focus in Mexico will be on the state elections in Estado de México and Coahuila on June 4th. These elections are expected to be highly competitive and could provide insight into the political momentum ahead of the presidential and legislative elections in 2024. The ruling party, Morena, remains the favorite to win the presidential race, with several potential candidates including Claudia Sheinbaum and Marcelo Ebrard. On the other hand, the opposition is fragmented with no clear front-runner. The opposition candidate will face the challenge of unifying diverse parties, mobilizing voters, and countering Morena’s incumbency advantage.

Foreign Policy

FDI Rank(Inflow)


Export Rank


FDI Volume
Unit: Million USD
FDI % of World
Unit: 1/10000
Export Volume
Unit: Million USD
Export as % of The World
Unit: 1/10000

Business Environment

Ranking (Regional)


Ranking (Global)


Doing Business Index (World Bank)
Unit: Score
Business Environment Index (EIU)
Unit: Score

Labor Market

Minimum Hourly Rate

1.24 $

Manufacturing Rate AVG

4.68 $

Average Salary

522 $

10 Year Growth

1.2793 %

Mexico - Unemployment Rate
Note: % | Forecast After 2023 (IMF)
  • Economic Data: OECD, World Bank, IMF、Government Statistics Bureau
  • Currency Exchange: Based on IMF data in 2023/1
  • GDP Growth Projection: OECD、IMF, OECD, EIU、Government Bureau
  • Unemployment Rate Projection: ILO, UNECE
  • Doing Business Report: World Bank 2020 (It was discontinued in 2021)
  • Trade: UN Comtrade, UNCTD
  • ICT Infrastructure: ITU
  • Taxation: World Bank, Statistics Bureau
  • Minimum Wage: Statistics Bureau
  • Analysis: OOSGA Analytics
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