Panama is about 2.3 times smaller than Uruguay.

Uruguay is approximately 176,215 sq km, while Panama is approximately 75,420 sq km, making Panama 42.8% the size of Uruguay. Meanwhile, the population of Uruguay is ~3.4 million people (930,555 more people live in Panama).
This to-scale comparison of Uruguay vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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