Blog | Country Classification Review: the headlines

Investors need an objective framework for understanding market inclusion, so twice a year we announce the results of our Country Classification Reviews for fixed income and equity markets. Our country classification approach follows a comprehensive and transparent process, informed by feedback from a broad set of independent market participants and index users.


  • We confirm that Iceland will be assigned Secondary Emerging market status and included in the FTSE Global Equity Index Series (GEIS), effective from the September 2022 semi-annual review.
  • We also announced that Vietnam and Mongolia will remain on the Equity Country Classification Watch List. Vietnam was added to the Watch List in September 2018 for possible reclassification from Frontier to Secondary Emerging market status and Mongolia was added to the Watch List in September 2021 for possible reclassification from Unclassified to Frontier market status.

You can now read the full whitepaper at the link below