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 |
|
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Argentina |
Frontier |
|
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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 |
Unclassified |
Frontier |
Frontier |
|
|
Iceland |
Frontier |
Secondary Emerging |
Frontier |
|
|
Jamaica |
Frontier (Standalone) |
Unclassified |
Frontier |
|
|
Jordan |
Frontier |
Frontier |
Frontier |
|
|
Kazakhstan |
Frontier |
Frontier |
Frontier |
|
|
Kenya |
Frontier |
Frontier |
Frontier |
|
|
Latvia |
Unclassified |
Frontier |
Frontier |
|
|
Lebanon |
Frontier (Standalone) |
Unclassified |
Unclassified |
|
|
Lithuania |
Frontier |
Frontier |
Frontier |
|
|
Macedonia |
Unclassified |
Unclassified |
Unclassified |
|
|
Malta |
Frontier |
Unclassified |
|
||
Mauritius |
Frontier |
Frontier |
Frontier |
||
Mongolia |
Unclassified |
Unclassified |
|||
Morocco |
Frontier |
Frontier |
Frontier |
||
Namibia |
Unclassified |
Unclassified |
Frontier |
||
Nigeria |
Frontier |
Frontier |
|||
Oman |
Frontier |
Frontier |
Frontier |
||
Palestine |
Frontier (Standalone) |
Frontier |
Unclassified |
||
Panama |
Frontier (Standalone) |
Unclassified |
Frontier |
||
Peru |
Emerging |
Emerging |
|||
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 |
|||
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 |
Last updated: 29th January 2023