List of Frontier Markets & Classifications
What Are Frontier Markets?
While there is no concrete definition, a Frontier Market can be described as a country that is more developed than a Lesser Developed Country (LDC) but has a more illiquid and less developed capital market than an Emerging Market. It is essentially an “emerging” Emerging Market.
Frontier Market Classifications
The three main index providers – MSCI, FTSE and S&P – all produce country classifications for a a range of countries and are usually placed in the following “buckets”: Developed Markets, Emerging Markets and Frontier Markets. Below is a table of all of the markets that are covered and how they are currently classified by each of the compilers:
Country |
|||
Argentina |
Frontier |
||
Bahrain |
Frontier |
Frontier |
Frontier |
Bangladesh |
Frontier |
Frontier |
Frontier |
Benin |
Frontier |
Unclassified |
Unclassified |
Bosnia and Herzegovina |
Frontier (Standalone) |
Unclassified |
Unclassified |
Botswana |
Frontier (Standalone) |
Frontier |
Frontier |
Bulgaria |
Frontier (Standalone) |
Frontier |
Frontier |
Burkina Faso |
Frontier |
Unclassified |
Unclassified |
Côte d’Ivoire |
Frontier |
Frontier |
Frontier |
Croatia |
Frontier |
Frontier |
Frontier |
Cyprus |
Unclassified |
Frontier |
Frontier |
Estonia |
Frontier |
Frontier |
Frontier |
Ghana |
Frontier |
Frontier |
Frontier |
Guinea-Bissau |
Frontier |
Unclassified |
Unclassified |
Iceland |
Frontier (Standalone) |
Frontier |
Unclassified |
Jamaica |
Frontier (Standalone) |
Unclassified |
Frontier |
Jordan |
Frontier |
Frontier |
Frontier |
Kazakhstan |
Frontier |
Frontier |
Frontier |
Kenya |
Frontier |
Frontier |
Frontier |
Kuwait |
Emerging |
Secondary Emerging |
Frontier |
Latvia |
Unclassified |
Frontier |
Frontier |
Lebanon |
Frontier |
Unclassified |
Frontier |
Lithuania |
Frontier |
Frontier |
Frontier |
Macedonia |
Unclassified |
Frontier |
Unclassified |
Mali |
Frontier |
Unclassified |
Unclassified |
Malta |
Unclassified |
Unclassified |
|
Mauritius |
Frontier |
Frontier |
Frontier |
Mongolia |
Unclassified |
Unclassified |
|
Morocco |
Frontier |
Frontier |
Frontier |
Namibia |
Unclassified |
Unclassified |
Frontier |
Niger |
Frontier |
Unclassified |
Unclassified |
Nigeria |
Frontier |
Frontier |
|
Oman |
Frontier |
Frontier |
Frontier |
Palestine |
Frontier (Standalone) |
Unclassified |
Unclassified |
Panama |
Frontier (Standalone) |
Unclassified |
Frontier |
Romania |
Frontier |
Frontier |
|
Senegal |
Frontier |
Unclassified |
Unclassified |
Serbia |
Frontier |
Frontier |
Unclassified |
Slovakia |
Unclassified |
Frontier |
Frontier |
Slovenia |
Frontier |
Frontier |
Frontier |
Sri Lanka |
Frontier |
Frontier |
Frontier |
Tanzania |
Unclassified |
Unclassified |
|
Togo |
Frontier |
Unclassified |
Unclassified |
Trinidad and Tobago |
Frontier (Standalone) |
Unclassified |
Frontier |
Tunisia |
Frontier |
Frontier |
Frontier |
Ukraine |
Frontier (Standalone) |
Unclassified |
Unclassified |
Vietnam |
Frontier |
Frontier |
|
Zambia |
Unclassified |
Unclassified |
Frontier |
Zimbabwe |
Frontier (Standalone) |
Unclassified |
Unclassified |
Index providers typically review the country classifications on a periodic basis. Thetable below shows the countries that are currently being reviewed by MSCI, FTSE and S&P for reclassification (either an upgrade or downgrade):
Country |
Index |
Type |
Prev |
Next Classification |
Date |
Kuwait |
MSCI |
Consultation |
Frontier |
Emerging |
Dec-19 |
Iceland |
MSCI |
Consultation |
Frontier (Standalone) |
Frontier |
Nov-19 |
Argentina |
S&P |
Watchlist |
Frontier |
Emerging |
Aug-20 |
Romania |
S&P |
Watchlist |
Frontier |
Emerging |
Aug-20 |
Vietnam |
S&P |
Watchlist |
Frontier |
Emerging |
Aug-20 |
Romania |
FTSE |
Frontier |
Secondary Emerging |
Sep-20 |
|
Tanzania |
FTSE |
Unclassified |
Frontier |
Sep-20 |
|
Vietnam |
FTSE |
Frontier |
Secondary Emerging |
Sep-20 |