Development is possible if you have your own ability. If you need to attract specialists from outside, you need money. In such a quiet time it is difficult to find funds for it. So what is the best time for development?
I would say this is the best time for dev teams to continue development of any project since the buzz of market is very low, no distraction, i.e if the funds are available to support it, however, the team are in best position to know the right time to continue with technical and fundamental implementations, that is the reason why they do what they do, they must already have a plan.