Moody's, which has frequently loosened its purse strings to provide nations lagging way behind Turkey's economic performance with improved notes, has finally given up its long-standing resistance to raising Turkey's rating.

Turkey is referred to with praise in the international credit ratings institution's 2013-2015 Global Macro Outlook Report, which provides growth estimations for 20 of the globe's fastest emerging economies. Accordingly, by the end of this year it is estimated that Turkey will be the fifth fastest growing nation amongst the world's leading top 20 economies. The report also references decisions made in Turkey that qualified as the realizing of a series of reforms.

According to the report's forecasts, this year Turkey should record 3-4 percent economic growth, placing the nation in fifth place of a list of the top 20 economies. Next year, Turkey is anticipated to exhibit an economic performance spanning between 3.5-4.5 percent, which according to estimations, will place the nation's economy in fourth place. The 3.5-4.5 percent growth rate is expected to continue in Turkey for 2015 as is its ranking in fourth place.

INDONESIA IS ON THE RISE

With an anticipated 7-8 percent growth in 2013, China tops the list. In second place is Indonesia with economic growth estimates at 5-6 percent. India is in third place with 4-5 percent anticipated growth, followed by Saudi Arabia in fourth with 3.5-4.5 percent economic growth anticipated for 2013.