Indiana is about 1.2 times bigger than Panama.

Panama is approximately 75,420 sq km, while Indiana is approximately 92,895 sq km, making Indiana 23% larger than Panama. Meanwhile, the population of Panama is ~4.3 million people (2.1 million more people live in Indiana).
This to-scale comparison of Panama vs. Indiana uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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