Panama's annual birth rate has fallen from 32 to 19 per 1,000 since 1975 and its death

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Panama's annual birth rate has fallen from 32 to 19 per 1,000 since 1975 and its death rate is steady at 5 per 1,000. In which stage of demographic transition is Panama? Belgium is in Stage IV of demographic transition. Describe the characteristics of that stage.

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