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It may play a role but you cannot just blame the entire thing on your countries location.
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You can, There are several corrupted countries, or Corrupted "Big" ISP.
I for myself have no lag, but I myself have a few knowledge about internet service providers, since I have a neighborhood friend who works at one. And Country location is also an entire problem playing international games, like Graal, few countries in asia are highly corrupt; Philippines, North Korea, etc. And corruption can be a bad thing in the industries. (In Philippines, I checked that 65$ for 8mbps internet sounds fast? but you only get half of what you're paying for.) I checked Verizon's Internet page and to see if it does make any difference, and it surely does since Verizon has more costumers and due to that more money, more money better services held. While philippines is surely a small country, and less rich people, causing slower services, because of lack of business or simply because of government's corruption with taxes, pork barrel, and etc. And also the countries financial status also counts in business. I might be wrong, but I don't think I'm right.