Madagascar is 7.8 times larger than Panama.
Area: 587,041 km2 World Factbook
Population: 23,201,926 (July 2014) World Factbook
Madagascar, officially the Republic of Madagascar and previously known as the Malagasy Republic, is an island country in the Indian Ocean, off the coast of Southeast Africa. The nation comprises the island of Madagascar, as well as numerous smaller peripheral islands. Wikipedia
Area: 75,420 km2 World Factbook
Population: 3,608,431 (July 2014) World Factbook
Panama, officially the Republic of Panama, is the southernmost country of Central America and the whole of North America. Wikipedia