FTSE promotes Turkey to advanced emerging economy

The FTSE group, the global index provider jointly owned by the Financial Times and the London Stock Exchange, this week promoted Turkey from secondary emerging economy to advanced emerging economy status, in recognition of it making significant changes to its regulations and investment procedures. In a statement released yesterday, the FTSE announced the results of its 2010 Country Classification Annual Review, according to which the status of Turkey, along with Malaysia and the Czech Republic, was promoted to a higher cluster. The FTSE classifies countries as developed, advanced emerging, secondary emerging, and frontier. "Global markets are constantly changing and more countries are opening their markets to international investment," FTSE Group CEO Mark Makepeace said in the statement. "Congratulations to the Czech Republic, Malaysia and Turkey on being promoted to advanced emerging market status."