I would say for those with a longer time horizon, who have the patience and foresight to wait out any price volatility, and possess the knowledge to identify quality business assets, it has been very achievable in the last few years and will continue to be!. High equity risk premiums effectively give investors more purchasing power for each dollar invested. You may not see much movement in price multiples in the short (or even medium term) but in the longer term I think the results will speak for themselves.
I would argue that the economy does not have to grow at a rapid pace for a quality business to increase its earnings (they can increase market share etc).