In Latin America, this looks to be the year of Brazil — thanks to the impending World Cup and presidential elections. But with another lackluster year looming in emerging markets, fans of transformation, growth and investment potential should instead look to Mexico.

Brazil’s president, Dilma Rousseff, is expected to win a second term this year, and its soccer team stands a good shot at victory. But growth has slowed considerably. In the world’s seventh largest economy, reforms are stagnating and the country faces a possible ratings downgrade.

Mexico, by contrast, is in the throes of serious reforms. It will likely lead Latin America with at least 4 percent growth this year and an improving investment outlook. Standard & Poor’s recently boosted Mexico’s credit ratings because of energy reforms that the rating company trumpeted last month as a “watershed moment” for the country. It is becoming a story of inverted fortunes, as Michael Shifter and Cameron Combs of the Inter-American Dialogue recently wrote.

After years of stagnation and violence, a new reform government is positioning Mexico for significant growth. It should leave many emerging markets, including fellow Latin American economic power Brazil, in its wake. Jobs are increasing, inflation is lower, growth is higher and the returns on Mexican equities are multiples of what they have been in Brazil.

“Mexico may quickly swing from the region’s worst to best performer,” emerging markets economist David Rees from Capital Economics wrote in a research note to clients late last year.