Mexico is set to elect a female politician as head of state for the first time in its history, as both of the leading candidates are women.

Former president Andrés Manuel López Obrador continued to propose new, expensive projects in the last months of his administration before leaving office. He will also leave many major projects unfinished.

This will likely leave his successor's hands tied for much of his six-year term.

Even if opposition candidate Xóchitl Gálvez wins, he will be saddled with many financial commitments.

López Obrador's party's candidate, former Mexico City mayor Claudia Sheinbaum, is leading in the polls.

A third male candidate from a small party has almost zero chance of winning.

The next administration will inherit a country with a fiscal deficit that will limit its room for maneuver in the coming period.

To neutralize the current fiscal fragility, the new administration will need to achieve fiscal (spending or taxes) adjustment by 2025.