There are more classifications of market development available. Economic classifications of countries are published by International Monetary Fund, World Trade Organization, United Nations, MSCI and other organizations, so there can be some difference between the evaluations.
Developed markets are characteristic with highly developed capital markets, high levels of liquidity, large market capitalization, efficiency of market institutions and high income. Examples of developed markets are Germany, United Kingdom, United States, Australia.
Developing markets can be splitted into Emerging markets, Frontier markets and Least developed countries.
Emerging markets are countries with some characteristics of a developed markets, but does not match the standards to be classified as developed markets. These economies may become developed markets in the future. Examples of emerging markets are Brazil, Russia, India, China, South Africa.
Frontier markets are developing countries, which are more developed than the least developing countries. These markets are less advanced, often too small, risky or illiquid. Examples of frontier markets are Serbia, Romania, Ghana, Sri Lanka.
Least developed countries - LDCs are a group of countries, that have been classified by the United Nations as least developed, because of economic instability, low income and weak human assets. Examples of least developed countries are Cambodia, Haiti, Kiribati, Senegal.