Yup, inside the loop (in single.php for example) you can use get_the_terms
to retrieve an array of terms (countries in this case) associated with that post. This will always be an array (or false /error if something has gone wrong) even if there is only one country associated to it.
You can then take the country taxonomy-term and output its description use term_description
.
$taxonomy = 'my-country-tax'; Your taxonomy slug
//Should be an array of 1 in this case
$countries = get_the_terms( $post->ID, $taxonomy);
//Check there are countries asccoiated with post
if($countries && !is_wp_error($countries)){
$country = array_pop($countries);
$description= term_description( $country->term_id, $taxonomy );
echo $description;
}