Growth stocks ran hot earlier this year and are currently in consolidation mode, but that doesn’t mean the time to buy has passed for the best growth stocks for the long term. Of course, the macroeconomic environment remains very unpredictable, as demonstrated by sticky Consumer Price Index (CPI) readings, and this could negatively impact growth-oriented stocks. But these short-term hiccups present excellent entry points in high-growth businesses that investors should take advantage of.

Many growth stocks currently offer similar value to defensive stocks. In some cases, previously premium companies are trading only at a few times earnings due to margin compression and their poor year-on-year results compared to 2021 metrics. However, once the economic climate shifts towards a more business-friendly model and companies no longer have to compete with their metrics during the post-Covid boom, we will likely see a substantial upside for these stocks.

With that in mind, these are the three best growth stocks for the long term.

Fiverr International (FVRR)

Fiverr International (NASDAQ:FVRR) is a global online marketplace for entrepreneurs and freelancers. It provides a platform for graphic and web design, writing and translation, video and voiceovers, coding, marketing and other services at prices as low as $5.

The company’s business model makes it well-suited to take advantage of the burgeoning freelance market. As more companies realize the benefits of hiring freelancers instead of full-time workers, Fiverr is becoming gig workers’ go-to platform. Workplaces worldwide are adapting to the shift toward a so-called gig economy, which will benefit Fiverr in the long run.

Fiverr’s user-friendly platform has provided robust customer retention relative to its competitors, and its top line continues to grow at a double-digit clip. That’s less than it was during the post-pandemic boom, but the 88% decline from its peak more than prices in the growth slowdown for the stock.

Furthermore, Fiverr’s management is focused on growth while keeping losses tolerable, and the company has remarkable customer retention while continually reinvesting its money into itself. So it may not be profitable on paper due to its massive marketing spend, but it can easily start generating cash if needed.

Overall, Fiverr is among the best growth stocks to buy for the long term, with significant potential for upside down the road.

Taiwan Semiconductor (TSM)

Taiwan Semiconductor’s (NYSE:TSM) growth might’ve slowed down, but it’s far from over. Almost all semiconductor companies source their chips from Taiwan Semiconductor, and there is still significant demand for chips despite the slowdown. The company is scaling into quantum computing and artificial intelligence and benefits from high-growth crypto and gaming industry sectors, among others.

Moreover, Taiwan Semiconductor will be investing $40 billion in a U.S. plant which will compensate for the CHIPS Act’s negative impact on the company.

Taiwan Semiconductor’s financials are extraordinary due to high margins and growth. These metrics will support a premium valuation for the stock in the long run. Furthermore, supply chain issues and domestic chip production will take years to settle, and TSMC will continue to dominate the semiconductor space meanwhile.

Finally, once consumers have more headroom for discretionary spending, I expect the demand for semiconductors to surge and boost TSMC’s bottom line even more.

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) is firing on all cylinders by investing in up-and-coming technology such as OpenAI’s ChatGPT, quantum computing and data centers. These growth segments are crucial for the company to keep its top line growing despite near-term headwinds. Microsoft’s cloud business, which is one of the fastest-growing and most profitable segments in tech, is threatening the dominance of Amazon’s (NASDAQ:AMZN) Amazon Web Services, while Bing’s partnership with ChatGPT has Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google anxious.

Furthermore, almost everyone uses its 365 product family of productivity software, making it a must-have for white-collar businesses.

Conversely, Microsoft’s yearly net income isn’t the flashiest. But this is the result of unsustainably high post-Covid growth. Quarterly profits are still stable, and I believe strong fundamentals will help it deliver significant long-term returns from the current entry point.

On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.