A man counts foreign banknotes at a money changer in central Cairo, Egypt, December 27, 2016. Picture taken December 27, 2016. Reuters/Mohamed Abd El Ghany

The United States is currently in its “bunny phase,” a recognised economist has said. The reference came during the Fargo Moorhead West Fargo Chamber of Commerce’s annual Economic Outlook Forum. The event was attended by 600 people.

Doctor Jim Paulsen, chief investment strategist at Wells Capital Management, highlighted that the slow growth and “chronic fear” of a possible financial blackout following the Great Depression of 2008, which struck the country nearly nine years ago, has started to break out.

"I think that we've been so scared about the aftermath of the 2008 recession," Paulsen said at the event. "I think we're getting far enough away from that. People have been getting jobs again and we're back to full employment."

The US has been able to achieve full employment in the last 18 months. The unemployment rate, meanwhile, has slipped under 5 percent.

In his remarks, Paulsen explained that the factors that contribute to a bull market – including rapidly rising earnings and lower competitive interest rates, marked by rising share prices and more buying – are unlikely in the recovery the country is witnessing.

The same can be applied for a bear market, Paulsen said. Contributed largely by declining share prices, a bear market sustains during acute recession.

So what does that mean? “A bunny market,” Paulsen said. “One that hops around a lot and doesn't go very far."

In January, the economist spoke with CNBC about how the market resiliency can be attributed to Donald Trump’s pro-business mindset. "The best thing that President Trump has going for him is an unbelievable and unrelenting economic momentum here," Paulsen said. "There's been a lot of good stuff going on, including a reacceleration of U.S. growth and acceleration and around the globe with global growth — the United States with real median incomes rising and wages rising.”

Although the country is starting to break out of the slow recovery, a rapid boom doesn’t look likely in the near future. The United States is expected to have a three percent annual GDP growth. This comes as an increase from two percent in recent years. Paulsen said the US’ recovery could continue for several years in the future.

The recovery from the Great Recession is being witnessed, and felt, by several other countries. Not only will people feel the improvements, it will also lead to greater confidence. Inflation is also rising globally after years of global deflation, Paulsen noted.