Mexico could have a good year in 2024 despite a degree of uncertainty in Latin America, according to analysts at New York City-headquartered political risk consultancy Eurasia Group.

The analyst team led by Latin America managing director Daniel Kerner highlighted Mexico President Andrés Manuel López Obrador’s high and stable approval ratings, “based on a solid economic performance.”

Mexico’s economy beat expectations and grew 3.3% in the third quarter, according to the nation’s statistics office Instituto Nacional de Estadística y Geografía (Inegi). Natural gas imports from the United States are also up this year as demand, particularly in the power sector, has been healthy.

The president’s Morena party has picked former Mexico City Mayor Claudia Sheinbaum to...