Panama is about 1.9 times smaller than Tajikistan.

Tajikistan is approximately 144,100 sq km, while Panama is approximately 75,420 sq km, making Panama 52.34% the size of Tajikistan. Meanwhile, the population of Tajikistan is ~9.1 million people (4.8 million fewer people live in Panama).
This to-scale comparison of Tajikistan vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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