Debt-riddled man jumps to his death as Turkey’s economic downturn soars

A  man depressed due to mounting debt resulting from Turkey’s recession committed suicide by jumping from the balcony of his eighth-floor home in the southern province of Adana, Diken news portal reported on Tuesday.

Egemen S, 35, was allegedly depressed for some time due to mounting debts.

He died at the scene. His mother and relatives had a nervous breakdown upon receiving the news. Police reportedly did not let the mother view her son’s body for the last time as is custom. The deceased’s body was taken to the Adana Forensic Medicine Institute for an autopsy.

Turkey’s ruling party confronts economic recession

Economy analysts say that Turkey has been experiencing its second economic recession under the rule of Turkish President Recep Tayyip Erdogan’s ruling Justice and Development Party (AKP) since last summer. This comes after the first recession in 2008 resulting from the mortgage crisis in the United States (US).

This time, however, Turkey’s current downturn takes its roots, not from an economic but a political crisis, a row with the US over a jailed American pastor Andrew Brunson. The bitter dispute prompted a severe sell-off of the Turkish lira, pushing it to all-time lows against the US dollar.

Gross domestic product (GDP) in the fourth quarter fell by a seasonally adjusted 2.4 percent compared with the previous three months, according to the Turkish Statistics Institute.

The drop followed a contraction of 1.6 percent in the third quarter. Two consecutive quarter-on-quarter contractions in economic output are widely considered to be the definition of a recession.

Turkey’s real unemployment rate is higher than the population of 97 countries, opposition MP says

You might also like