Slovenia is about 3.7 times smaller than Panama.

Panama is approximately 75,420 sq km, while Slovenia is approximately 20,273 sq km, making Slovenia 26.88% the size of Panama. Meanwhile, the population of Panama is ~4.3 million people (2.2 million fewer people live in Slovenia).
This to-scale comparison of Panama vs. Slovenia uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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