The term is commonly used[1] to describe the equity markets of the smaller and less accessible, but still "investable" countries of the developing world.
[15] Those who have a focus on frontier markets have different views on what the future holds for the inter-correlation of countries within the asset class.
While they share some economics characteristics such as young, increasing educated populations, the individual economies face different internal and external forces.
[16][17] This investment thesis holds water as it is unlikely that a manufacturing based economy, such as Bangladesh, would respond in the same way to external shocks as an island nation where a large proportion of the economy is linked to tourism, such as Sri Lanka.
Colombia was promoted to Emerging market by Standard & Poors effective September 19, 2011.