In case we needed reminding that the slowdown is already real, the Reserve Bank of Australia cut the official cash rate on Tuesday. Yesterday it cut its growth forecasts for Australia over the next two years.
Okay, it's not Greece - it is still looking at 4 per cent growth in the 12 months to next June 30. But that is down from an August estimate of 4.5 per cent. A cut of half a per cent of GDP growth for our biggest trading partner is pretty significant.
After months of waiting for a pick-up in the local economy, all this gloomy global economic data is hardly the post-Rugby World Cup news we were looking for.
But as we brace for its impact it is important not to let ourselves be blinded by the big picture.
The world is a very big place filled with myriad markets and economies. While the big statistics don't lie about things such as demand for commodities, it is important for business not to give up on growth.
The aim should be to stay tuned to the macro-economic picture, to prepare for it, but to stay alert for the stories within the story. Even in a full-blown recession where overall economic growth is negative there are pockets of growth.
It is worth pointing out here that a full-blown recession is not what anyone is picking for New Zealand. What they are talking about is yet another delay to the arrival of any meaningful economic growth - the kind that creates jobs and boosts living standards.
So for the foreseeable future we need to assume that the already tough economic conditions out there are the new normal. If we want to get ahead in business or in our personal financial level we are going to have think smart.
Superannuation Fund chief Adrian Orr risked sounding glib this week when he was asked about investment risks related to the European mess.
After pointing out that the fund's direct exposure was relatively low, he went on to add that the turmoil provided a buying opportunity for the fund.
If that sounds overly optimistic, then take a look at the fund's performance off the back of the 2008 crash. By buying well during that slump the fund was able to deliver returns of 15 per cent and 25 per cent in the past couple of financial years.
It is not just as simple as counter-cyclical investing either. If you've got the cash and the patience - as the likes of Warren Buffett or sovereign wealth funds have - then buying when others are selling is a time-honoured tradition.
For smaller investors the strategy is fraught with risk.
But within any market there will be equities which will continue to make profits and return solid dividends.
The key is quality risk-assessment and that applies equally for businesses trying to move forward in a difficult economy.
Too bullish and you risk being left exposed if demand falls sharply. After the lessons learned in 2008 and 2009 it is hard to believe many companies will be falling into that trap.
This time there seems more risk that companies could get caught the other way, playing it too cautious and losing ground to more ambitious competitors.
Take an up-and-coming business such as listed tech company Xero. It has to keep growing and it almost certainly will because what it is selling - in this case online accounting systems - is part of a social trend towards cloud computing.
If customers are short of cash it may deter them from leaping in to purchase a new accounting system. But then again, if Xero offers them a way to do things more cheaply they may be more inclined. It will be up to the company to sell the story, but the opportunity is there.
Even old-world businesses such as Fonterra will stay focused on growth.
Yes, the commodity price for dairy is down and revenue will be falling. But the social trend for dairy consumption to increase in Asian markets will remain strong. And the upside of lower commodity prices is that the Fonterra Brands business pays less for its ingredients. There will be openings for it to push more of its high-value consumer products such as yoghurt and flavoured drinks into the Asian market.
Let's not pretend that will be enough to offset the revenue losses from commodity price falls, but it is an opportunity to grow an important part of the business and one that Fonterra - which is well used to riding economic cycles - is likely to grasp.
And so too for the rest of us. We have to stay alive to opportunities in the next year or so. They might not be big enough to offset the drag of this tough economic environment but they will keep us focused on the future. They will keep us moving forward while we ride out the storm.
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