The economic crisis in Europe and North America led to more than 10,000 extra suicides, according to figures from UK researchers.
A study, published in the British Journal of Psychiatry, showed “suicides have risen markedly”.
The research group said some deaths may have been avoidable as some countries showed no increase in suicide rate, BBC reported
Campaign groups said the findings showed how important good mental health services were.
The study by the University of Oxford and the London School of Hygiene & Tropical Medicine analysed data from 24 EU countries, the US and Canada.
It said suicides had been declining in Europe until 2007. By 2009 there was a 6.5% increase, a level that was sustained until 2011.
It was the equivalent of 7,950 more suicides than would have been expected if previous trends continued, the research group said.
Deaths by suicide were also falling in Canada, but there was a marked increase when the recession took hold in 2008, leading to 240 more suicides.
The number of people taking their own life was already increasing in the US, but the rate “accelerated” with the economic crisis, leading to 4,750 additional deaths.
The report said losing a job, having a home repossessed and being in debt were the main risk factors.
However, some countries bucked the trend. Sweden, Finland and Austria all avoided increases in the suicide rate during the recession.
One of the researchers, Dr Aaron Reeves, of the University of Oxford, said: “A critical question for policy and psychiatric practice is whether suicide rises are inevitable.”