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Rahman noted that weak export growth, low imports of capital machinery and difficulties in profit repatriation for some foreign investors reflected subdued private sector activity.

“Investment, particularly in job-creating sectors, lacked the necessary stimulus in 2025,” he said, stressing the need for stronger institutions and infrastructure to revive momentum in 2026.

Exporters, meanwhile, remain wary about the near-term outlook.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the past year was among the most difficult for export-oriented investors.

“There is no possibility of rebound within the next six months,” he warned, citing banking bottlenecks, high costs and the withdrawal of export incentives under IMF-backed reforms.

Business leaders also point to persistent structural challenges.

Taskeen Ahmed, president of the Dhaka Chamber of Commerce and Industry (DCCI), said high interest rates, liquidity shortages and stress in the banking sector continued to hurt SMEs, while energy shortages and inflation further dwindled confidence.

Asif Ibrahim, former chairperson of Business Initiative Leading Development (BUILD), said, with GDP growth estimated at just 3.7 to 3.9 percent in 2025, the weakest in more than a decade, expectations for 2026 hinge on whether political stability translates into decisive reforms.

He stressed that economic diversification, robust reforms and targeted investment in infrastructure and human capital are essential this year.