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The 2008 financial crisis has changed us all.
Both businesses and households have taken a "more cautious" approach to risk decreasing the chances of another economic collapse caused by indebtedness, Berenberg private bank said.
"It may not last much longer but the western world is still in the age of caution," the bank said in an email.
"Households and businesses have been a lot more cautious since the Lehman crisis than before. They hesitate to take on excessive risk and debt. While the lack of exuberance and the absence of excesses means economic growth is less vigorous than before, it keeps the recession risk low – no more boom and bust," the bank added.
The bank highlighted that western economies have become larger in the wake of the crisis and debt among households has decreased. In the U.S. there's been a 28 percentage point fall in household debt as a percentage of income compared to the pre-crisis peak. In the U.K. alone the drop was 24 percentage points and in the EU it was 4 percentage points.
However, the bank warned that such "cautious" momentum may not last once President-elect Donald Trump takes office.
"Whether the Trumponomics fiscal boost and reform could change that remains to be seen," the bank said.
Donald Trump has promised a structural spending of $1 trillion and wants to , which could change companies and consumer behaviours.