Paraguay is 5.4 times larger than Panama.
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
Area: 406,752 km2 World Factbook
Population: 6,703,860 (July 2014) World Factbook
Paraguay, officially the Republic of Paraguay, is a landlocked country in central South America, bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Wikipedia