Fitch Ratings revised upward Turkey's forecast Monday, pointing to strong first-quarter results that showed 5 percent growth from the same quarter a year ago.

"A potentially smoother political environment, with the referendum complete and the next elections not due until November 2019, should support a strengthening of investment and consumption through mid-2019," the report said.

The agency now estimates the Turkish economy will expand 4.7 percent in 2017 and 4.1 percent next year.

After growing 2.9 percent last year, Fitch said in March it anticipated the Turkish economy to grow by 2.3 percent in 2017 and 1.3 percent in 2018.

Meanwhile, global economic growth is expected to rise from 2.5 percent last year to 2.9 percent in 2017 and 3.1 percent in 2018, highest rate since 2010.

"Faster growth this year reflects a synchronized improvement across both advanced and emerging market economies," Fitch said in its Global Economic Outlook report.

"The recovery in commodity prices from early 2016 has fueled a rebound in emerging market demand," it added.

Developed countries are forecast to post an average growth rate of 1.8 percent in 2017 and 2 percent in 2018, while the economies of emerging nations are projected to grow at an average of 4.9 percent through 2018.

While the U.S. economy in expected to grow 2.1 percent this year and 2.6 percent next year, the Eurozone is anticipated to grow by 2 percent in 2016 and 1.8 percent in 2017.