He continues: “But slowdowns can be short and modest and still come up as recessions.
“Some slowdown is to be expected, but the severity of it I think we can handle, especially with the awareness from central banks and governments about the role of monetary and increasingly fiscal policy, that comes into support even weaker data quite quickly.”
In this respect, he suggests investors would do well to fight the temptation to fret about headlines and instead should be thinking about the big picture.
He says: “Interest rates are going to stay very low, therefore, carry quality, some bonds and some equity income could have quite an accumulative benefit for clients’ savings.”
In a world facing extreme scenarios, such as the possibility of a recession in 2020 or significant trade disruption between the world’s largest economies, solutions can be found by walking the middle road, says Mr Jones.
He said that by balancing risk and return, investors could still see growth, albeit lower than in the past.
He adds: “It is not necessarily a headline story, but putting balance into portfolios is where investors can absolutely protect against the future to come.
“We have come out of a period where the thing to do was to own the riskiest asset, where nobody wanted to own bonds, but bonds have been quite a good return source over the last four months and they were protected in the sell-off in December.”
He continues: “Bond markets, despite being low-yield and tight spreads... do have a role to play in portfolios.
“Reminding ourselves of that and putting balance into funds is what we need to do in this environment.”
Victoria Ticha is features writer at FTAdviser.com and Financial Adviser