Malawi is about 1.6 times bigger than Panama.

Panama is approximately 75,420 sq km, while Malawi is approximately 118,484 sq km, making Malawi 57% larger than Panama. Meanwhile, the population of Panama is ~4.3 million people (16.5 million more people live in Malawi).
This to-scale comparison of Panama vs. Malawi uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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