CARACAS, Venezuela, Feb. 3 (UPI) -- Venezuelan President Hugo Chavez, beset by problems of economic slowdown for the second consecutive year, announced he would fight on and seek re-election next year for a third six-year term.

Chavez suffered setbacks in last year's National Assembly elections that depleted his comfortable majority but, as widely anticipated, he reacted by hinting he wouldn't hesitate to issue a presidential decree if and when he faced opposition on a particular issue.