Over the past two years, I have documented Mexico’s institutional trajectory through this framework. Evolution of freedomIn 2025, Mexico’s Freedom Index decreased marginally to 58 (out of 100), after falling more than 3 points in 2024. This is the single most important indicator of Mexico’s institutional crisis because rule of law is the foundation upon which all other institutional functions rest. Mexico’s political freedom subindex registered similarly dramatic deterioration, falling nearly 15 points since 2018 and 5 points in 2024 alone. The USMCA joint review process, scheduled for July 1, 2026, is another source of policy uncertainty for Mexico’s economic freedom outlook.