A frontier market is a type of developed country which is more developed than the least developed countries, but too small to be generally considered an emerging market.

The subjectivity engaged in identifying a industry as a “frontier,” rather than an emerging, market means that there are occasional inconsistencies in classification among the different index providers. For example, Pakistan is categorized as a frontier industry by S&P, MSCI and Russell, but is regarded as an growing industry by FTSE.

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