FTSE: Turkey advanced emerging economy

September 24, 2010, Friday/ 16:45:00/ TODAY'S ZAMAN
The FTSE group, a global index provider jointly owned by the Financial Times and the London Stock Exchange, promoted Turkey from secondary emerging economy to advanced emerging economy status on Thursday for making significant changes to its regulations and investment procedures.

In a statement it 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. Congratulations to the Czech Republic, Malaysia and Turkey on being promoted to advanced emerging market status, following significant changes to their regulations and investment procedures,” Mark Makepeace, CEO of the FTSE Group, was quoted as saying in yesterday’s statement.

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