Correct Answer: Argentina and Brazil. 
I just read this article in The Economist – great research. It provides an “economy overheating index” for emerging countries.

Headlines about rising inflation, rampant bank lending and a flood of capital inflows might appear to suggest that virtually all emerging economies are overheating. In reality, some are red-hot and others are only lukewarm. An analysis by The Economist tries to identify the hottest spots.”
Full article here.

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