You say "Economic Downturn" like it's a bad thing rather than a normal part of the economic cycle.
What will "save" you is preparing yourself financially for the downturn by reallocating assets and purchasing undervalued assets that will be "on sale".
Of course, if you're a wage slave dependent on income from working then you will be screwed with an unstable income that will not keep pace with inflation.
Look for other alternative income generating options also. You can have your major source of income but it is best to have contingencies or other options to go to if something goes wrong with the major source.