Courtesy of: Luis Acosta / AFP / Getty Images

In the aftermath of Sunday’s vote, which saw Hugo Chávez elected to his fourth term as president, several things have become clear. Henrique Capriles, leading a unified and energized opposition, was the toughest challenger Mr. Chávez has ever faced. The Chávez government wielded its control of Venezuela’s media relentlessly, preventing Capriles’ message of unity to find pragmatic solutions to everyday problems from gaining any traction on the airwaves. Others have rightly pointed out the bias in Venezuela’s electoral authority, the CNE. Despite the unlevel playing field, Capriles, who doggedly marched through more than 250 towns, succeeded in turning nearly half the country to his cause.

Even though one’s initial impression of Sunday’s vote may yield a dreary sense of “more of the same,” the coming years promise to be crucial for Venezuela. Chávez’s victory brings with it none of the certainty of past triumphs. For one, the president’s cancer still looms over Venezuela’s future: despite his repeated denials, many believe that Chávez remains terminally ill. Given that Venezuela’s constitution stipulates that a new election be held if a president dies in the first four years of his term, the country’s rejuvenated opposition may have another chance to make its case before Venezuelans. Regardless of the president’s health, December’s gubernatorial and April’s mayoral elections give the opposition an opportunity to make further gains against Chávez’s socialist project.

And that opposition still has much to fight for. Chávez, ever the ideologue, is poised to direct his government to take over more of the private economy. The 2012 campaign has weakened Chávez’s political support, but it is unlikely to have shaken his commitment to his socialist project. After a few quiet months in the run-up to the election, we may see the pace of expropriations tick up again. In fact, just two days after Chavez’s election victory, Vice President Elias Jaua confirmed that the expropriation policy will indeed continue.

Venezuela’s stagnating economy may be in for a crushing blow, meanwhile, as Chávez’s election-year borrowing-and-spending may well lead to a currency devaluation. This borrowing, along with high global oil prices, has thus far papered over the cracks in Venezuela’s anemic economy. As Chávez poured millions into his populist reelection effort, he failed to address the fundamental weaknesses in the nation’s economy: food shortages, electrical outages and a crumbling public infrastructure.

But what goes up must come down: the poorly-managed state oil company PDVSA has continually operated under capacity; as prices fall, Venezuela’s leaders’ failure to plan for the future will redound upon the nation’s people. The fatal refinery explosion in Amuay is but a recent illustration of the consequences of PDVSA’s mismanagement.

Meanwhile, a fresh six-year term will shield Chávez from political consequences of the corruption within his government. Former judge Aponte Aponte shocked Venezuelans and, indeed, the hemisphere with his revelation that the government fed instructions to the nation’s judiciary. With Chávez no longer facing the public scrutiny of a campaign, the incentives for such corruption will only increase.

For those in the U.S. policy community, engagement in the future of Venezuela remains essential. Chávez, to be sure, is unlikely to curb Venezuela’s relationship with allies like China, Russia or Iran, or to liberalize Venezuela’s trade policy toward the United States. But the twin pressures of a possibly-fatal illness and a collapsing economy mean that, for Chávez’s Venezuela, the reckoning has yet to come.