Uruguay is 2.3 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: 176,215 km2 World Factbook
Population: 3,332,972 (July 2014) World Factbook
Uruguay, EWR-ə-gwy; officially the Oriental Republic of Uruguay or the Eastern Republic of Uruguay or the Republic East of the Uruguay, is a country in the southeastern region of South America. Wikipedia