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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

MSCI

FTSE

S&P

 Argentina

Emerging

Frontier

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

Frontier
(Standalone)

Unclassified

Unclassified

 Mauritius

Frontier

Frontier

Frontier

Mongolia

Unclassified

Unclassified

Unclassified

 Morocco

Frontier

Frontier

Frontier

 Namibia

Unclassified

Unclassified

Frontier

 Niger

Frontier

Unclassified

Unclassified

 Nigeria

Frontier

Frontier

Frontier

 Oman

Frontier

Frontier

Frontier

Palestine

Frontier (Standalone)

Unclassified

Unclassified

 Panama

Frontier (Standalone)

Unclassified

Frontier

 Romania

Frontier

Secondary
Emerging

Frontier

 Senegal

Frontier

Unclassified

Unclassified

 Serbia

Frontier

Frontier

Unclassified

 Slovakia

Unclassified

Frontier

Frontier

 Slovenia

Frontier

Frontier

Frontier

 Sri Lanka

Frontier

Frontier

Frontier

 Tanzania

Unclassified

Frontier

Unclassified

 Togo

Frontier

Unclassified

Unclassified

 Trinidad and Tobago

Frontier (Standalone)

Unclassified

Frontier

 Tunisia

Frontier

Frontier

Frontier

 Ukraine

Frontier (Standalone)

Unclassified

Unclassified

 Vietnam

Frontier

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
Classification

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

Confirmed

Frontier

Secondary Emerging

Sep-20

Tanzania

FTSE

Confirmed

Unclassified

Frontier

Sep-20

Vietnam

FTSE

Watchlist

Frontier

Secondary Emerging

Sep-20

 

 

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