Chavez has used this oil wealth to finance massive spending and subsidy programs over his last 14 years in power, but budgetary pressure will continue to increase.
Office for Budgetary Responsibility chief Robert Chote said growth had been slower than predicted when the coalition came to power because of "disappointing" consumer spending, business investment and trade.
But the IMF plied its poisonous brew of budgetary austerity, higher taxes and debasement of the currency, particularly after Jean-Bertrand Aristide was restored to power in 1994.