Taiwan is about 2.1 times smaller than Panama.

Panama is approximately 75,420 sq km, while Taiwan is approximately 35,980 sq km, making Taiwan 47.71% the size of Panama. Meanwhile, the population of Panama is ~4.3 million people (19.2 million more people live in Taiwan).
This to-scale comparison of Panama vs. Taiwan uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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