Statement:
Panama has smaller army than Serbia
In the Armed forces size (ammount of personnel) rating Panama holds position #89 2019 out of 163 and Serbia is #86 out of 163 2019.
Referencies:
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The countries in the rating sorted by 'Personnel ammount' in descending order.
Panama 'Personnel ammount' value is 28,000 Serbia 'Personnel ammount' value is 32,000