Panama is about 239 times bigger than Malta.

Malta is approximately 316 sq km, while Panama is approximately 75,420 sq km, making Panama 23,767% larger than Malta. Meanwhile, the population of Malta is ~464,186 people (3.9 million more people live in Panama).
This to-scale comparison of Malta vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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