Panama is about 1.6 times smaller than Eritrea.

Eritrea is approximately 117,600 sq km, while Panama is approximately 75,420 sq km, making Panama 64.13% the size of Eritrea. Meanwhile, the population of Eritrea is ~6.2 million people (1.9 million fewer people live in Panama).
This to-scale comparison of Eritrea vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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