Panama is around the same size as Azerbaijan.

Azerbaijan is approximately 86,600 sq km, while Panama is approximately 75,420 sq km, making Panama 87.09% the size of Azerbaijan. Meanwhile, the population of Azerbaijan is ~10.4 million people (6.0 million fewer people live in Panama).
This to-scale comparison of Azerbaijan vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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