Yeah, Elbonia was meant to represent a generic poor (at the time in the early 1990s) eastern European country that corporate America might be interested in outsourcing work to for cost savings.

Other than the name sounding like Estonia and Albania, Dilbert's Elbonia has no relation to, inspiration from, or resemblance to those countries, or really any other specific country. It is doubtful the author knew much about those or any other nearby countries, and was uninterested in learning -- it was just a plot device to explore the current at the time topic of outsourcing. By using a fictional name the author hoped to avoid any displeasure from anyone insulted by the depiction. Contrast with Borat a decade later, which chose to pick a specific country for their cartoonish depiction.