By now, it is easy to recite the litany of problems facing Venezuela.

At the top of the list are a huge fiscal deficit (around 20 percent) and high inflation (just under 18 percent), decaying infrastructure, mismanaged petroleum sector, shortages of basic goods, periodic blackouts and widespread crime and insecurity. All of these derive in some measure from severe institutional weaknesses, a product of Hugo Chávez’s one-man, 14-year rule. Whether his successor comes from his camp or from the opposition, reform and improved governance will be essential.
Difficult choices will have to be made. It will be impossible to tackle such acute problems simultaneously on all fronts. If Chavistas retain power, they should quickly take steps to rein in spending, rebuild relations with Venezuela’s business and professional communities and encourage foreign investment. Revamping PDVSA, the state oil company, should also get high priority.

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