bleak," he said, with economic growth at about 2 percent next year and "inflation spiking to 30 percent."
The black market value of the Venezuelan bolivar, whose official value is set by the government, was double the official rate in July. It is now triple the official rate.
At the heart of Chavez's economic challenges is declining productivity in the oil industry, which accounts for 95 percent of exports and funds Chavez's social programs. Governing the country with the world's largest proven oil reserves has so far insulated Chavez from the fallout of his confrontational polices, including a drop in foreign investment.
But economist David Rees of London-based Capital Economics said the government has relatively few dollars left, "having utilized them to fund an import binge ahead of the ballot. That will add to the reduction in imports and increase in shortages."
Some experts say oil production has stagnated due to insufficient investment and management problems in the state-run oil company.
One measure of investor confidence in Venezuela, the price of its bonds, took a hit Monday as they fell 5 percent to 7 percent, said Russell Dallen, a managing partner of the brokerage firm Caracas Capital Markets.
The bonds fell in value after Chavez defeated Henrique Capriles, who won 44 percent of the vote, giving the incumbent his smallest margin of victory ever in a presidential election.
The government has more than tripled its public foreign debt from $24.2 billion when Chavez took office to $88.7 billion in the first quarter of this year. Much of that foreign money has come from China, which has lent Venezuela more than $36 billion in exchange for oil shipments.
Even as he celebrated victory before thousands of jubilant supporters early Monday, Chavez appeared to acknowledge he has let down some Venezuelans. People are upset by a soaring homicide rate, power outages and crumbling infrastructure.
