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Mexico City’s Mayor Claudia Sheinbaum poses for a picture during an interview with Reuters in Mexico City, Mexico September 22, 2022.
Mexico’s first female president takes the reins
Claudia Sheinbaum will be sworn in as Mexico’s first female president — and first of Jewish heritage — on Tuesday, succeeding the wildly popular Andres Manuel López Obrador, whose shadow hangs heavily over the prospects for her administration. She won the June election with 60% of the vote, but as much as the people may support her, the left-leaning populist agenda she has promised to continue pursuing doesn’t always sit right with the investors the Mexican economy needs.
World leaders will be in attendance, including presidents of Brazil, Bolivia, Chile, Cuba and Guatemala, and a large US delegation led by first lady Jill Biden. However, Canadian Prime Minister Justin Trudeau will send his deputy prime minister in his place, and Russian President Vladimir Putin, whose invitation stirred controversy, will not attend. Argentinian President Javier Milei is also likely to skip, given his ideological opposition to Sheinbaum and AMLO’s left-wing ambitions.
After the celebrations, Sheinbaum has plenty on her plate. Far too many Mexicans face severe threats to their personal and communal safety from drug violence and corruption. Eurasia Group analyst Matias Gomez-Leauteaud says he’s watching how the new president addresses security in her inaugural speech, but such long-term goals may stay on the back burner for the moment.
“There are two key decisions for her in the short term, both related to economic policy: The 2025 budget, which must be presented at the latest on Nov. 15, and her selection of a new central bank deputy governor," he says. We’re watching whether Sheinbaum’s decisions can halt the slide of Mexico’s peso, which has fallen 14% against the dollar since she was elected.