Bhutan is about 2 times smaller than Panama.

Panama is approximately 75,420 sq km, while Bhutan is approximately 38,394 sq km, making Bhutan 50.91% the size of Panama. Meanwhile, the population of Panama is ~4.3 million people (3.5 million fewer people live in Bhutan).
This to-scale comparison of Panama vs. Bhutan uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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