Statement:
In Luxembourg, startup ecosystem seems to be more developed than in Panama

In the Startup Ecosystem Index rating Luxembourg holds position #40 ²⁰²² out of 99 and Panama is #78 out of 99 ²⁰²².
Position of Luxembourg is better than position of Panama.

Referencies:

1. Startup Ecosystem Index ²⁰²² by StartupBlink

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

   Luxembourg	'Total Score' value is	5.447
   Panama	'Total Score' value is	0.633