Which countries have the most inflated Elo ratings?

One of the most common things that chess players obsessed with Elo ratings (which is almost all of them) do when selecting tournaments to play is to look at the nationality of the players already entered, to see if they come from countries that are considered to have "deflated" ratings or "inflated" ratings, which might add to the attraction of playing. Javier Perea analyses the phenomenon.

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Which countries have the most inflated Elo ratings?