Statement:
It is harder to do business in Panama than in Bulgaria

In the Ease of Doing Business rating Panama holds position #66 ²⁰²⁰ out of 181 and Bulgaria is #47 out of 181 ²⁰²⁰.
Position of Panama is worse than position of Bulgaria.

Referencies:

1. Ease of Doing Business ²⁰²⁰ by World Bank

   The countries in the rating sorted by 'Score' in descending order.

   Bulgaria	'Score' value is	72.0
   Panama	'Score' value is	66.6