President Hugo Chavez is seeking to be reelected in the upcoming 2012 Presidential Election. But his health is still a pending issue. It can be expected that he is going to meet unprecedented challenges from the opposition during the election. In 2011 Venezuela gained a GDP growth of 4.2% which ascribed to the considerable increase of public expenditure. In 2012 the GDP growth rate is expected to be 5%. The Chavez government was devoted to promoting house building, aimed at meeting the great demand of poor people for houses. The relations with Colombia were repaired thanks to concerted efforts of both sides. But the U.S.-Venezuelan relations remained to be tense and faced an unforeseeable future. <<