A new study showed that at least 10,000 Americans and Europeans committed suicide during the Great Recession period.
The Great Recession was a global economic decline in 2009. Economists believed that the downturn would continue until this year. The United States reported persistent high unemployment, low consumer confidence, decline in home value, and increase in foreclosures and personal bankruptcies. Europe, on the other hand, used its taxpayers' money to reduce the impact of the downturn on the banking system.
Researchers from the University of Oxford in England and the London School of Hygiene & Tropical Medicine reviewed data from 24 countries. The analysis revealed that at least 10,000 Americans and Europeans committed suicide between 2007 and 2010; the number was higher than the average recorded before the recession.
"It's a fairly large and substantial increase over what we would have expected," Aaron Reeves, co-author of the study, sociologist and post-doctoral researcher at Oxford, said during an interview with USA Today. "There are, broadly speaking, large mental health implications of the economic crisis that are still being felt by many people."
Prior to the Great Recession, Europe's suicide rates were declining but rose by 6.5 percent, equivalent to 7,950 suicides, in 2009. The rate remained until 2011. The scenario was the same for Canada that reported an additional 240 suicides. The United States showed the highest number with 4,750 suicides during the global economic crisis.
Further analysis revealed that the main reasons for people to commit suicide included job loss, home repossession and debt.
The researchers concluded that these incidents could have been avoided, the same way Sweden handled the crisis at the time. The Swedish government showed more support to those who lost their jobs during the downturn. Other countries that reported lower suicide rates included Finland and Austria.
"It shows policy potentially matters. One of the features of these countries is they invest in schemes that help people return to work, such as training, advice and even subsidised wages," Reeves told BBC News.
The policymakers could use the results of this study to develop more effective action plans in case another recession occurs. Other researchers could also use the information to study the impact of money and unemployment on mental health.
This study was published on the June 12 issue of The British Journal of Psychiatry.
