The president-elect also said he will review oil contracts already awarded for signs of corruption. He also named an industry neophyte to head state-owned Petroleos Mexicanos, the country’s largest company.

Furthermore, government costs could rise as the new president promised expanding public spending to a tune of 75 billion pesos, or $4 billion, through cost cutting and increased government efficiency. Some observers are concerned about the president’s ability to pay for it all without raising debt or increasing taxes.

Analysts project the Mexican economy will expand 2.2% this year and 2.1% in 2019. Non-seasonally adjusted GDP expanded 2.6% year-over-year as of the end of the second quarter.

For more information on the Mexican markets, visit our Mexico category.