MSCI classification of emerging market does NOT require any economic development. Rather it is based on market accessibility.
link from the MSCI website itself
https://www.msci.com/documents/1296...work.pdf/d93e536f-cee1-4e12-9b69-ec3886ab8cc8

link from the MSCI website itself
https://www.msci.com/documents/1296...work.pdf/d93e536f-cee1-4e12-9b69-ec3886ab8cc8