The Swiss international bank, Union Bank of Switzerland (UBS), announced that it had upgraded its growth expectations for the Turkish economy from 3.3 percent to 4 percent by the end of 2016.

A report prepared by UBS economist Gyorgy Kovaks and strategist Manik Narain suggested that the bank raised its estimation by considering the impacts of the minimum wage hike, Turkey's financial strength and falling oil prices.

The report said that inflation in Turkey might be higher than that in South Africa and Asia due to the weakness in exchange rates and country-specific reasons, despite lower oil prices.

UBS downgraded its growth estimation about South African economy from 1.9 percent to 0.6 percent for 2016. It estimates that the Russian economy will shrink by 1.2 percent this year because of the depreciation in the ruble, low commodity prices and possible fiscal tightening.

Meanwhile Mehmet Şimşek, deputy prime minister in charge of the economy, announced on Monday that Turkey had revised its 2015 growth forecast from 3 percent to 4 percent while the government predicts that the gross domestic product (GDP) will increase to 4.5 percent in 2016 and 5 percent by 2017 and 2018.