Poland has become the first country from Central and Eastern Europe to be ranked a "developed market" on the FTSE Russell index.

The country now joins the likes of the UK, US and Japan in the index’s list of the 25 most advanced global economies.

It marks the first time in a decade that a country has made the leap from emerging market to developed market in the index's rankings.

The FTSE Russell bases its classification on factors such as a country’s regulatory environment, the quality of its capital markets and the status of its derivatives market.

“Poland’s promotion to developed market status within FTSE Russell’s global equity benchmarks is a significant achievement,” said Reza Ghassemieh, FTSE Russell’s chief research officer.

“The Polish Ministry of Finance and the Warsaw Stock Exchange have long been committed to improving Poland’s capital markets infrastructure and strengthening its economy and today marks the culmination of their efforts to meet the rigorous criteria needed for this classification.”

Marek Dietl, president of the Warsaw Stock Exchange, said Poland’s upgrade was good news for the country. He said the reclassification would spark interest from overseas investors and open enormous opportunities for Poland's capital market.

“Developed market status represents a fundamental change in the perception of Poland among global investors,” he said. "I do believe that in the long term it will attract bigger capital inflows."