Panama is about 1.6 times smaller than New York.

New York is approximately 122,283 sq km, while Panama is approximately 75,420 sq km, making Panama 61.68% the size of New York. Meanwhile, the population of New York is ~19.4 million people (15.0 million fewer people live in Panama).
This to-scale comparison of New York vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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