Martin Gilbert: We must get used to a lower growth environment

Anticipated downturns should not weigh on long-term decisions

Warren Buffett once said: "Nobody buys a farm based on whether they think it's going to rain next year. They buy it because they think it's a good investment over 10 or 20 years."

Last month in this column, I wrote that I do not believe there will be a global recession over the next 12 months. What is apparent though, is that we will have to get used to an environment of lower growth. But as the great Warren Buffett alludes to, an anticipated downturn should not weigh on long-term investment decision making. Yes the global economy is slowing. In its recent report, the International Monetary Fund downgraded growth for 2019 to 3%, its slowest pace since the Global Financial Crisis (GFC). For advanced economies, growth this year is forecast to be 1.7% versus 2.3% ...