Panama is about 1.5 times smaller than Bulgaria.

Bulgaria is approximately 110,879 sq km, while Panama is approximately 75,420 sq km, making Panama 68.02% the size of Bulgaria. Meanwhile, the population of Bulgaria is ~6.9 million people (2.5 million fewer people live in Panama).
This to-scale comparison of Bulgaria vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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