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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

Frontier (Standalone)

Unclassified

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

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 (Standalone)

Frontier

Unclassified

 

 
   

 Mauritius

Frontier

Frontier

Frontier

   

Mongolia

Unclassified

Unclassified

Unclassified

   

 Morocco

Frontier

Frontier

Frontier

   

 Namibia

Unclassified

Unclassified

Frontier

   

 Nigeria

Frontier

Frontier

Frontier

   

 Oman

Frontier

Frontier

Frontier

   

Palestine

Frontier (Standalone)

Frontier

Unclassified

   

 Panama

Frontier (Standalone)

Unclassified

Frontier

   

Peru

Emerging

Frontier

Emerging

   

 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

   

 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

   

Last updated: 29th January 2023

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