What to do when you know an economic downturn is coming?

Data and reports from economists is increasingly suggesting an economic downturn. China's National Congress announced estimated growth in 2019 lower than 2018, which was already it's lowest rate of growth in 3 decades. The EU has made similarly cautious financial policy adjustments, extending current interest rates to the end of the year, instead of the initially planned end of the summer, and they've increased a low interest loan package available for banks to lend to businesses. The US Fed will likely maintain current interest rates as opposed to an initially planned increase.
The economy is cyclical, and at a macroeconomic level there has been solid growth in many regions over the second half of the last decade. However, based on decisions by major economic policy makers, it is clear that the coming economic winds are not looking as good as what the last several years have offered us.
Here I'm not going to write about what specific things might happen in an economic downturn. Rather I am curious to think about, if one know's -- with a reasonable degree of confidence -- that an economic downturn is coming, but not necessarily to what degree, what kind of financial and life decisions would be prudent to best weather the storm and perhaps even been in a situation to benefit from the economic slowdown?